Can I revise my income tax return? How to file a revised return?

Filing income tax return can be a very clumsy task as it involves managing each and every transaction or income of the past year. One need to be extremely careful while filling income tax returns. 31 July, every year, marks a very important day as within this due date, a person is bound for income tax return filing.

But many times, due to a rush to file the tax return before the due date, one might end up making mistakes:?

• One might end up reporting wrong information or forget to report any income.
• One might enter wrong personal details like wrong bank account number.

In such a situation, can we make amends to our income tax return? Indeed, you can.

According to section 139(5) of the Income Tax Act, 1961, a person can file the revised return before a time of one year from the end of the assessment year or before the income tax department has completed their assessment.

How to file revised income tax returns

One can file a revised income tax return by following the procedure given below:-

1. In order to file a revised income tax return, one need to open the same website used for the original income tax return e-fillings (http://www.incometaxindiaefiling.gov.in) and log into it.
2. On the top left menu, choose the option, ‘Quick Efile’.
3. Choose the assessment year.
4. Choose the address option.
5. Click ‘Submit’.
6. Carefully read the instructions displayed on the screen and then click the ‘Go to next page” button.
7. On this page, in the first section, one need to fill his or her personal details.
8. You have to choose the employment category in the second section i.e. ‘Filling Status’.
9. Choose the drop down the option of column A21 and then choose the option ‘17-revised return- 139(5)’.
10. Below this A21 column, there is another column where ‘Revised’ should be pre-filled. If not, then fill the option ‘Revised’.
11. Give the acknowledgment number and the date of the original income tax return in the column A24.
12. Now, go to other pages option and then fill the correct information as you have done in the original income tax return.
13. Submit this form.
14. Now, send the signed ITR-V of the revised return in an envelope to CPC Bangalore within the time period of 120 days of filling income tax return.

Points to be noted-:

1. It is important to send the revised return in the same mode as of the original income tax return i.e. if you have filed the income tax return online, then, you are obligated to file the revised income tax return online as well.
2. You cannot file a revised income tax return if you have not filled the original income tax return before the due date i.e. 31st date (This date may vary as indicated by the government).
3. Revised tax returns can also be filled using different ITR forms.
4. You cannot file a revised income tax return if the Income Tax Department has already processed the original Income Tax Return.

If you face any kind of difficulty to file Income tax return online, you can simply get in touch with experts at LegalRaasta. LegalRaasta has a team of experts who are compatible to help with all your taxation matters.