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.
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.
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
Q1. Can a taxpayer change information about his/her income in a revised ITR filing?
Ans: Any substantial change will automatically warrant notice, after which they are required to produce essential details and a reasonable explanation.
Q2. How to file a revision in ITR after the assessment year?
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.
Q3. What are the disadvantages of filing revised ITR more than once?
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.
Q4. Is it possible to shift tax regime when revising ITR?
Ans: Taxpayers can opt for taxation under the new regime under Section 115BAC by filing Form 10IE.
Q5. If the IT department does not process the revision of ITR, is it necessary to re-revise?
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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