How to revise income tax returns?

Filing tax returns is no less daunting than walking on a tight rope. You need the same amount of concentration and focus when filling the details on the tax forms as even a minute mistake can cost you a lot. However, even after diligently filing the returns and entering all the relevant information, minute mistakes may happen. In such cases, the Revised Return facility allows taxpayers to correct any mistakes made in filing ITR.

What is a revised return?
Revise income tax returns

What is a revised return?

Revised return refers to the facility provided by the Income Tax Department of India under which you can rectify any mistakes you made while filing the original ITR. Filing a revised return is similar to filing income tax returns, the only difference between both the filing processes is when you file a revised return you provide the rectified details.

Eligibility for filing revised returns

Under Section 139(5) of the Income Tax Act, 1961, every taxpayer is entitled to revise their ITR if any error has been made in the filing process. Earlier, only those who had filed their ITRs before the March 31 deadline were allowed to avail this facility. However, the rule was changed in 2017 and taxpayers who filed belated ITRs were also allowed to revise their returns.

Filing revised ITR online

You can easily file a revised ITR online by following the steps mentioned below:

  • Log on to the e-filing website of Income Tax Department.
  • Log in to the portal with your registered credentials.
  • Under ‘Part A – General Information’ select the option ‘Revised Return under section 139(5)’ from the drop-down menu.
  • Provide details like ‘Order Acknowledgement Number’ and ‘Date of filing of Original Return’.
  • After identification of the original ITR that needs to be revised, you can proceed to make the changes.

There is no specific limit on the number of times of you can file a revised return. This facility is provided to help taxpayers correct any mistake made during filing and shouldn’t be misused. Every time you file a revised return, you have to provide the details of the original ITR that need changes.

Important points to remember

When filing a revised return, make sure to keep the following points in mind:

  • After revising the ITR, do not forget to verify it. The revision won’t be accepted without verification. You can e-verify it or send a physical copy of the ITR-V.
  • You are allowed to file a revised return till the end of that particular assessment year.
  • After you file a revised ITR, the original return is withdrawn and is substituted by the new return.
  • When filing the revised return, it is compulsory to provide the date of filing and acknowledgement number of the original return.
  • Revised return is designed to help taxpayers correct any genuine errors. If people misuse it by declaring income they hadn’t disclosed in the original return, there is a possibility that the assessing officer may ignore the revised return and initiate a scrutiny.
  • If the assessment of your original ITR has been completed under Section 143(3) on the Income Tax Act, 1961, before you file a revised return, then your original return will not be rectified.
  • The deadline to file revised returns and belated returns is the same. Therefore, when you file a belated return, you rid yourself of the option of filing revised returns if any mistakes are made.

Conclusion

Revised returns provides you with the opportunity to rectify the filing mistakes you made in the original ITR. However, it should always be treated as the last measure. Before clicking the submit button on your ITR form, make sure to double check the details and correct any errors immediately. Even after you file the original ITR, it is important to check for discrepancies. Finding the errors early will give you a longer window to correct them.

Additionally, Click to here to know about Detailed Info about Income tax retun such as What are the ITR Forms, how to file income tax, due dates etc

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