Revised ITR And How To File ITR

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A revised ITR means filing our Income Tax Return again in case we have committed any error or omitted to disclose any facts while filing the original ITR. Individuals who have wrongly filed the ITR can revise it, correct the mistakes and the revised return would be considered to have been filed on the same date on which the original return was filed. Earlier this was not the case as the individuals were allowed to revise the ITR only when the original return was filed on or before the due date of filing return for the assessment year. Now, even a belated return that is a return filed even after the due date can be revised. Also, returns that have been already processed by the income-tax department can now be revised, given the taxpayer revises the ITR within the prescribed time limit.

Due date for filing a revised ITR
A return is required to be filed before the end of the relevant assessment year. Hence, a revised return for the assessment year 2018-19 must be filed on or before 31 March 2019. However, the facility should only be used if the taxpayer has missed or wrongly entered an item into statement. Willful non disclosure of any item while filing the return for the very first time does not fall in this category. For instance, if the taxpayer did not disclose a source of income on purpose and was sent show cause notice, he cannot escape by filing revised ITR as the assessing officer has all the right to disregard the revised ITR and start the scrutiny.

How many times can a person revise an ITR?
Taxpayer has the right to revise the return without paying any extra charge as and when he discovers omission or wrong inclusion. The authorities do not keep any limit on the number of times the return can be revised as long as it is revised within the prescribed time limit. It does not mean that you should file your ITR carelessly because it would lead to complications in future. Further, multiple ITRs can cause suspicion among the Income Tax authorities.

Steps to file ITR :
The process and manner of filing a revised Income Tax Return are the same as filing an original return. It just that the revised ITR would have the changes that the taxpayer has made.
1) Go to the e-filing website of Income Tax Department and use your credentials to login. Then, go to My Tax Return under My Account.
2) Click on the option View Details for the year you want to revise your income tax return and in the in the same tab, provide the details of the original return filed, such as filing date and acknowledgment number.
3) Scroll down and click on Click once done with making new entries.
4) Your return will be marked and then you can make desired corrections and changes.
5) Go to Tax Filing Tab and click on Proceed to e-filing.
Once the revised return is filed, ensure that you have e-verify the same your income tax return as Income tax department will not accept the revised tax return, unless it is verified by you.


About Author

An MBA in finance, I like to cover the wide range of topics related to Taxation, SEBI, Finance and anything that is Public Helpful. The motive is always to make it simpler for the taxpayers understand the system better and take informed decisions.

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