Filing an income tax return can be a simple process, and sometimes mistakes happen. Whether it’s a typo, missed deduction, or incorrect income details, you can correct these errors by revise your income tax return. This guide will explain how to revise your Income Tax Return.
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What is a Revised Income Tax Return?
A revised income tax return is a correction of an already filed return. It allows taxpayers to make necessary corrections to their ITR if they discover any mistakes, errors, or omissions after submitting the original return.
Know what is Income Tax Return?
When can you revise your Income Tax Return?
You can revise your income tax return under the following circumstances:
- If you discover any errors in your original return, such as incorrect personal details, misreported income, or overlooked deductions.
- If you have received additional information after filing your original return that impacts your tax liability.
Whay the need for revising your Income Tax Return?
Before diving into the process, it’s crucial to understand why you might need to revise your income tax return. Common reasons include:
- Errors in personal Information:
- Incorrect name, address, or bank details.
- Incorrect Income Reporting:
- Missing or misstating income from salary, investments, or other sources.
- Missed Deductions or Exemptions:
- Overlooking eligible deductions, exemptions, or rebates.
- Calculation Mistakes:
- Errors in computing tax liabilities.
What is the last date for filing Revised Return?
The deadline to file a revised return is December 31st of the assessment year or before the income tax authorities complete the assessment, whichever occurs first.
For example, to revise your return for FY 2023-2024 (AY 2024-2025), you must do so by December 31, 2024, provided the original return has not yet been assessed.
How to revise your Income Tax Return?
To revise your Income Tax Return, you must go through various steps.
- Step 1: Collect the necessary documents
- Gather all relevant documents, including:
- Original tax return acknowledgment
- Form 16/16A (TDS certificates)
- Bank statements
- Investment proofs
- Any other supporting documents
- Gather all relevant documents, including:
- Step 2: Login to the official Income Tax e-Filing portal
- Visit the Income Tax e-Filing Portal.
- Login using your Permanent Account Number (PAN), password, and captcha code.
- Step 3: Navigate to the ‘e-File’ section
- Click on the ‘e-File’ menu.
- Select ‘Income Tax Return’ from the drop-down menu.
- Step 4: Select the appropriate Assessment Year
- Choose the assessment year for which you want to revise the return. Ensure you select the correct year to avoid any confusion.
- Step 5: Choose the ITR form and submission mode
- Select the ITR form applicable to you (ITR-1, ITR-2, ITR-3, etc.).
- Choose the submission mode – either ‘Prepare and Submit Online’ or ‘Upload XML’.
- Step 6: Fill in the details
- Original Acknowledgment Number:
- Enter the 15-digit acknowledgment number of the original return filed.
- Date of filing:
- Enter the date when the original return was filed.
- Revised Return:
- Select ‘Revised u/s 139(5)’ in the return section.
- Original Acknowledgment Number:
- Step 7: Correct the errors
- Carefully go through your original return and correct any errors or omissions. Double-check all entries, deductions, and exemptions.
- Step 8: Validate the return
- Once all corrections are made:
- Click on the ‘Validate’ button to ensure there are no mistakes.
- Resolve any errors highlighted by the system.
- Step 9: Generate XML (If applicable)
- If you chose to ‘Upload XML,’ generate the XML file after validation. Save this file on your computer.
- Step 10: Submit the revised return
- For online submission, click ‘Submit’ after validation.
- For XML submission, upload the generated XML file and then submit it.
- Step 11: e-Verify the return
- After submission, you need to e-verify your revised return. You can do this through:
- Aadhaar OTP
- Net banking
- Electronic Verification Code (EVC)
- Sending a signed physical copy of ITR-V to CPC, Bengaluru
- After submission, you need to e-verify your revised return. You can do this through:
- Step 12: Acknowledgment
- After successful submission and verification, you will receive an acknowledgment from the Income Tax Department. Save this for your records.
JOIN 24EFILING TELEGRAM CHANNELConclusion
In conclusion, revising your income tax return is a straightforward process if done correctly. By following the steps outlined in this guide, you can ensure that your return is accurate and complete. Remember, it’s better to correct mistakes than to face potential penalties or issues later. Stay diligent and informed with 24eFiling to make your tax filing experience smooth and hassle-free.
FAQs
1. What is a Revised Income Tax Return?
A revised income tax return is a corrected version of the original tax return you filed. You can file it if you realize there was a mistake, omission, or incorrect information in your original return. You can file a revised return before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
2. How do I revise my Income Tax Return online?
To revise your income tax return online, log in to the Income Tax e-filing portal, select the relevant assessment year, and choose the option to file a revised return. Fill in the correct details, mention the acknowledgment number of the original return, and submit the revised return.
3. Is there a penalty for filing a revised Income Tax Return?
There is no penalty for filing a revised income tax return. However, if the revised return shows higher income, you may have to pay additional tax and interest for the delay. It’s important to file the revised return as soon as you identify the error to minimize any interest charges.
4. Can I revise my Income Tax Return multiple times?
Yes, you can revise your income tax return multiple times within the prescribed time limits. Each revised return must be filed with the correct details, and the acknowledgment number of the original return should be mentioned each time.
5. What should I do If I discover an error after the deadline for filing a revised Income Tax Return?
If you discover an error after the deadline, you cannot file a revised return. Instead, you can file an application with the Income Tax Department for rectification of the mistake under Section 154 of the Income Tax Act. The assessing officer will review and correct the error if it is apparent from the record.
