During Income Tax Return filing, we may make mistakes due to quick e-filing or some other reason. Generally, mistakes are of different types such as Forgot to add tax saving deductions in ITR form, Filling gross salary in place of taxable income, Forgot to account capital loss to carry forward, Filling the home loan interest in positive value, etc. For such mistakes, we have an option of rectifying. Rectifying of these errors can be done through filing revised income tax return.
What is the Last Date to file Revised IT Return? When to file Revised Return?
For any AY (Assessment Year), the last date to file Income Tax Return is July 31st. But for filing Revised Income Tax Return 31st July is not the last date. As per section 139(5) of the IT Act, 1961, the revised return can be filed before the expiry of one year from the end of the relevant AY or before the completion of assessment by the IT Department, whichever is earlier.
For, e.g., if you have already filed your return for the FY (Financial year) 2013-14 (FY14) before the due date, 31st July 2014, but you want to make some modifications. In this case, you can file a Revised Income Tax Return till 31st March 2016. However, if the IT department has already completed the assessment of your Income Tax return, then you cannot file a revised return of Income Tax. So, if you missed any information then file an Income Tax revised return as early as possible to avoid interest or penalties.
What do you need to file Revised Return of Income Tax?
- You can revise any IT returns, i.e., Returns that are filed Online or Offline.
- For Online IT returns, you have to revise through online only. Similarly for Offline IT returns, you have to revise through offline only.
- This Revised Income Tax return can be filed only after the submission of the original IT return. You should also send ‘ITR-V’ of the original Income Tax return.
- For Revised return of Income tax, you must have acknowledgment number & date of submission of the original Income Tax return. It is available in the ITR-V.
How to File Revised Income Tax Return?
- Visit the income tax e-filing portal www.incometaxindiaefiling.gov.in and log in.
- Click on the ‘Quick Efile’ on the left menu.
- Enter the required details and click submit.
- Read instructions carefully and go to the next page.
- Here you have to fill your personal details in the 1st section.
- In the 2nd section, i.e. ‘Filing status’ you have to select the employment category and about the return.
- In the column A21, click on the drop down and choose ‘17-revised return- 139(5)’ option.
- Below the column A21, there is another column in which ‘revised’ should be pre-filled, if not change this to ‘revised’.
- Give the acknowledgment number of original IT return and the date of return filing, in the column A24.
- Next, fill the correct information in the other pages as you have done in the Orignal IT return form.
- Submit this revised form.
- Send the signed ITR-V of the Revised Income Tax Return to the CPC.
- You can send the ITR-V of original return and revised return in one envelope to the CPC, Banglore.
- It should reach the CPC within 120 days of filing income tax return.
Note: If you have not filed the original IT return before the due date (31st July of AY), you can’t file revised return.