How to file a revised return?

How to file a revised return?

Are you one of those who have filed their Income Tax Return but later on realized that you discovered the mistake while filing a return? Then no need to worry, you can rectify the mistake by filing Revised Return.

Yes you read it right, no matter whether the mistake is small or big you can rectify it via filing Revised Return. As per the provisions of Income Tax Act, 1961 you can rectify your return by filing Revised Return.

What is the due date to file Revised Return?

The last date to file Revised return is 31st March 2022 or before the completion of assessment, whichever is earlier.

Note: It is recommended not to wait till 31st March 2022 for filing the revised return as once IT Department finishes the assessment that would be the last day to revise your return.

How to file Revised Return?

Step 1: Login to the portal

Step 2:  Check the status of your original filed return on the portal

e-file > Income Tax return > View Filed Returns.

Note: If the status is indicating return processed, it cannot be revised. However, For FY 2020-21, the option to revise the return is available also for the taxpayers whose return status is showing “Processed “. The reason may be that by the time AIS (Annual Information Statement) is made available on the portal, many taxpayers have already filed their returns. It is expected to revise the return based on information available in AIS.

Step 3:  15-digit Acknowledgment number / Receipt No. of original return will be auto-populated and filed u/s 139(5) will be highlighted. Receipt No. & Acknowledgment number is the same. The path for TAB filing Status is the same as in the case of the original ITR

Step 4: Now, fill in correct details considering the errors done in the original return and just file the return as the original one was filed. The process of filing a revised ITR is the same as filing an original one.

Step 5: Once you have filed your revised ITR, ensure that you have verified the same. The income tax department will not accept your revised tax return unless it is verified.

Note: If your original return is not e-verified and you try to file a revised ITR, it will show an error. The e-verification of original return is mandatory to file revised return.

(f) Validate the revised return. Validation is a must even for filing a revised return. You cannot proceed to submit a revised return until it has been validated.

Following are the illustrations of common errors can be made while filing an Income Tax Return;

The common errors in filing ITR which can be corrected by filing Revised Return includes

- wrong bank details,

- Incorrect personal information,

- selecting wrong ITR Form,

- mismatch of income between the ITR and 26AS,

- failed to add income or claim deductions,

- failedreport & carry forward losses, etc.

Following points should be noted;

1. On receiving this revised return, the Income Tax Department searches for the original return which is retrieved using the 15-digit acknowledgment number. After that it replaces the previously filed return with the newly revised return.

2. There is penalty for filing a Revised Return.

3. The Revision can be done either in the same ITR Form in which the original return was filed or in a different ITR Form.

4. There is no limit for the number of times you can file a revised return provided it is within the prescribed time limits.

Note: However, a returns revised number of times have a higher chance of landing a scrutiny letter from the I-T department.

5. You can also revise the belated return.

6. You can revise your income tax return even if you have received Income Tax Refund. Receipt of refund does not mean that your assessment is complete. For income tax refund, intimation under Section 143(1) is sent which is different from Assessment as mentioned above.

7. Revised return can be filed even after receiving intimation u/s 143(1) (f) ITR can be revised on receipt of notice under section 148 as it is provided u/s 148 that for such return all the provisions of section 139 shall apply. If the ITR is revised before the notice under Section 148 is issued, then there is no penalty.

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