Taxpayers can make corrections on their original tax returns by filing a revised return under Section 139(5) of the Income-Tax Act of 1961. This return will be used to amend incorrectly reported deductions or exemptions, as well as inaccurate income declaration. When you receive a notice from the department requesting a higher tax claim, you must file a revised return. The initial ITR is discarded if you amend your income tax return. Corrections, unlike changes, can be made only after receiving notification from the I-T Department's Central Processing Centre (CPC). This directive is usually issued anytime the department finds an inconsistency or when the taxpayer files a correction request. You can't seek additional exemptions or deductions or disclose new income during rectification. Only the return revision should be used to make these adjustments. According to the latest circular, those who have not yet declared their income tax returns for the fiscal year 2019-20 will have until May 31 to do so. Furthermore, those who need to make adjustments to their income tax returns for FY20 will benefit from this provision. If a person makes an error when filing an ITR, he or she will be allowed to correct it. Any taxpayer who has submitted a tax return has the option of revising or correcting it if there is any mistake. As a result, it is imperative for the taxpayer to keep necessary documents handy to validate the revisions made. Only those who submitted their original tax return before the deadline are eligible to file a revised ITR. So, now let's discuss how to file a revised ITR online.
When to file a revised ITR and why it is important?
One should file revised ITR on or before the completion of the applicable assessment year. In the scenario of AY 20-21, the revised return should be filed before May 31, 2021. You can also make changes to ITRs that have been filed late. The deadline date for filing the belated return is the same as for revised returns: the end of the applicable assessment year or before the assessment is completed, whichever comes first. If you file your tax return before the deadline, you can change it as many times as you want. However, use this option rarely since several updates may result in IT Department's scrutiny, which could result in tax notices to validate your income and a gap in submitting your IT return. All you need to update your return is the acknowledgment number and the original return's filing date. On the e-filing portal, choose "revised return under section 139(5)." Be sure to double-check your return; otherwise, it may get rejected by the IT Department. In case the I-T Department discovers an error in a tax return, it may be considered as a false declaration of one's income, as a result the taxpayer will face a penalty for not filing the return on time. As a result, it's necessary to revise your return as soon as you notice any flaws in the original. In the event of a refund, you will be notified as soon as possible under Section 143 (1).
Steps to file a revised ITR online
Following the measures outlined below, a taxpayer can file a revised income tax return under Section 139(5) of the Income Tax Act:
- Visit www.incometaxindiaefiling.gov.in and click on the 'e-File' option.
- Now click on 'Income Tax Return' and now your PAN number will appear on the screen.
- Now choose the 'Assessment Year', ITR Form number and select filing type as 'Original/Revised Return'.
- Now select 'Submission Mode' as 'Prepare and Submit Online' and choose 'Revised return under section 139(5)' as the return filing section and 'Revised' as the return filing type in the online ITR form under 'General Information' section.
- Then, input the original return's Acknowledgement Number and "Date of Filing."
- Now enter all the required details correctly and submit the form.
- Returns should be e-verified for faster processing and refunds, or they can be sent to "Centralized Processing Centre, Income Tax Department, Bengaluru - 560500" by normal or speed post.
- It should be noted that after filing a revised ITR form, you must validate your income tax return. The Income Tax Department will not approve your return until it has been validated.
When to file a revised ITR for Assessment Year 2020-21?
The Central Board of Direct Taxes (CBDT) has extended the deadline for filing Income Tax Return for the assessment year 2020-21 due to the COVID-19 pandemic in India. According to CBDT, the filing of a belated return under sub-section (4) and a revised return under sub-section (5) of Section 139 of the Income Tax Act, which was due on or before March 31, 2021, can now be submitted on or before May 31, 2021.
Note: For help you can contact at 1800 103 0025, +91 80 461 22000, +91 80 265 00026.