Despite simple ITR forms as well as quick e-filing option, there can be instances where we commit different errors while filing of the income tax return or ITR for a given financial or assessment year. And to rectify such errors which later become apparent to us while checking the record, Income tax department allows us to file a revised ITR.
Some of the different errors that are of common occurrence in respect of which ITR is required to be revised include:
- Not adding the different tax-saving deductions
- In place of taxable income, we may wrongly mention the gross salary
- Not accounting of capital loss in order to carry forward etc.
Timeline to file revised ITR
As per experts, individuals are required to file a revised return at any time before the end of the relevant assessment year or before the completion of assessment, whichever is earlier. Also, the revised return which upon filing replaces the original return is considered to have been filed on the same date on which the return was originally filed.
It is to be noted that the revised return cannot be filed in respect of any other ground other than wrong statement or omission. Also, assessees can file a revised return every time they get to know of any wrong statement or omission within the prescribed time limit of filing a revised return. Nonetheless, the facility should not be misused and one should take utmost care while revising to avoid any future complications.
What you need for filing revised ITR?
Revised return can be only filed after submitting the original return. Also, the acknowledgment or ITR V of the original return needs to be sent.You need to have both the date of submission of the original return as well as acknowledgment number handy. This is precisely mentioned in the ITR V. The same details can also be extracted by logging into your e-filing portal and clicking on the 'View Return' tab that provides the details of all returns that are filed electronically.
Process of filing Revised ITR
The procedure of filing the revised ITR is primarily the same as filing an original ITR. After you log-in to your e-filing account, in Part A-General Information, from the drop down box, you need to select the option of 'Revised Return under Section 139(5)' and also provide details to identify the original ITR, including the acknowledgment number and the date of filing of original return.
Pointers to note when filing revised ITR
The mode of filing the revised return should bethe same as used for filing the original return i.e. in case you have taken to the electronic mode for filing the original return then revised return should also be filed electronically.
Also, where there has been an instance of intentional non-disclosure of some income and assessee decides to file the revised return after receiving notice from the department, the tax wing on its discretion may overlook such a revised return and may also initiate a scrutiny against the taxpayer.
Do note that the option to revise the return is not available in case the original return is not filed before the due date i.e. August 31, 2018 in the present case.
Also, the return can be revised using a different ITR form considering the anomaly found.
Remember to also verify the revised return filed with the tax department using any of the six different methods such as aadhaar-OTP based, net banking method etc.