How To Revise Income Tax Return Before Assessment And File It Online
Taxpayers file for income tax returns at the end of the year. However, wilful hiding or an unintentional mistake may call for action against the taxpayer by the Income Tax Department. That’s why it is advisable to revise the income tax return before assessment. Read on to know the importance of revising income tax returns, how to file revised income tax returns online and more.
What is a Revised Income Tax Return?
While filing their tax returns, taxpayers may commit unintentional mistakes. Section 139(5) of the income tax act rules for correcting these mistakes and resending income tax returns.
The income tax act allows revision on filing income taxes and makes corrections subject to revised income tax rules. Certain conditions may warrant revised return in income tax, which include:
- Incorrect personal or bank information
- Incorrect income tax return form
- The disparity between income declaration in the tax return statement and form 26S
- Accidental omission of foreign asset recording, etc.
Importance of Revising the Income Tax Return
Revision of Income Tax returns substitutes for the original income tax return. Revision enables taxpayers to make necessary changes and opt for refunds within the due date. It also ensures that taxpayers do not pay the excess tax amount.
Filing of Revised Income Tax Return Online
When taxpayers file their original returns online, they may make necessary revisions online. In addition, ITR filing allows taxpayers to do a self-assessment of taxes payable in the financial year.
Assuming that the mistakes in the original filing were unintentional and honest, one might wish to understand how to file a revised return on the income tax website. The steps involved are as follows:
- Keeping the return verification form handy. Taxpayers need to keep their acknowledgement form and filing date ready.
- Opening the e-filing online portal.
- Choosing the Quick e-file option and filling in details like assessment year, address, etc.
- The next page requires taxpayers to fill in their personal information.
- The Filling status on the next page allows filing employer and return information.
- Checking the revised option in column A21 and filling in the acknowledgement details and date of the original filing.
- Henceforth, taxpayers can make necessary changes, including information about tax exemptions and income details.
- Finally, they are required to print the ITR V and sign it.
- The revised ITR V form should be clubbed with the original return and sent to the Central processing unit in Bengaluru within 120 days of filing.
Also Read: How To File Income Tax Return Using The New Tax Filing Portal?
Due Date to File Revised Return of Income Tax
The last date for revising an income tax return is March 31 for AY 2021-22. Usually, the last date for filing is December 31 of any year, which was extended due to the COVID-19 outbreak.
Final Word
It is crucial to understand that revision of ITR filing is possible only for incorrect personal information, choosing the wrong ITR Form, missed deductions, etc. The income tax department does not levy any charges or penalties for revised income tax returns. Also, taxpayers can file their returns innumerable.
FAQs on Revise Income Tax Return
Ans: Any substantial change will automatically warrant notice, after which they are required to produce essential details and a reasonable explanation.
Ans: Revisions can be made with the acknowledgement number and all necessary details. Verification is necessary to validate the revision. However, no new revisions will be entertained after the revised income tax return is the last date.
Ans: The Income tax department makes it possible for taxpayers to make changes as much as they feel like. However, any significant changes may warrant assessment, especially in the income acknowledgement part. Mistakes in return filing may penalize the taxpayer anyways.
Ans: Taxpayers can opt for taxation under the new regime under Section 115BAC by filing Form 10IE.
Ans: Statistics prove that 40% of ITRs are filed during the due date month. Basic processing requires time, and verification takes time.
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This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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