Rules related to Revised Return
- Revised return can be filed for any previous year at any time before the expiry of 1 year from the end of the relevant assessment year or before completion of the assessment whichever is earlier. For this financial year (2010-11), you can file the revised return till March 31st, 2012
- However, if the income tax department completes the assessment of your return earlier, then a revised return cannot be filed.
- Revised return can be filed only if the original return was filed before due date. Thus if a return is filed after a due date then it cannot be revised
- A loss return filed within time can also be revised and in such case loss as per the revised is carried forward
- One should have acknowledgement number and date of filing the original return in order to file a revised return
- Return filed in response to the notice u/s 148 can also be revised. It should be noted that notice u/s 148 is issued in respect of the escaped income in the respective assessment year
- In case of concealment of income and furnishing of inaccurate information in income tax return an individual will be penalized
How to file a revised return
- Check for the discrepancy in ITR-V form received from the original return e-filing.
- Log on to TaxYogi
- In the welcome page, please make sure that Revised return is checked in the bottom right side (As per the picture below)
- Then enter the date of filing the original return
- Enter the E-filing acknowledgement receipt number from the ITR-V (Which you got after the original return)
- Select the appropriate “return filed under section". You will find options for self revised (section 139(5)) or in response to different notices by the IT department.
- Press Save and continue and go ahead make changes and enter correct details
- Choose free or paid version to e-file the revised return. You will get a new ITR-V in your inbox.
- Once you receive the ITR-V form, you are supposed to send across both original and revised return ITR-V forms to IT department Bangalore within 120 days.