Now as the deadline to file revised return for the FY 2015-16 (AY 2016-17) is just a day away, here are a few check points to consider for successful filing of revised return:
1. Carefully take into account all the relevant documents such as the bank statement/passbook, investment proofs against which deduction can be claimed, certificate of interest and if applicable books of accounts, P&L and balance sheet
2. Identify the correct return form to be filed and fill in the correct details in it
3. For knowing the actual tax amount paid or collected or deducted, taxpayer can download form 26 AS and in case there is found some discrepancy suitable step should be taken to rectify it.
4. Check and verify the calculations made such as the total income, deductions and interest amount etc to arrive at the taxable income and hence the final tax payable or refund value. In case the tax liability arises, the same needs to be cleared before filing of income tax return as else there will be shown an error when you try to upload the return.
5. Also do make sure that other details including PAN, address, bank account number along with other details, e-mail address are mentioned correctly.
6. It is to be noted that after you are sure with all the details specified in the return of income, you need to proceed with return filing. Also, both the previous and revised return need to be e-verified through any of the different modes prescribed such as aadhaar OTP, bank ATM etc.
It is to be remembered that there is no set limit for revising a filed return with the dept. but the window should be used with utmost cautiousness as in case the revision leads to tax refunds, there are chances that the dept may pick the return for scrutiny.