How to File Revised Income Tax Returns

Filing Income Tax Returns accurately is crucial to avoid penalties. However, errors often occur, especially during last-minute filings. Common mistakes include incorrect bank account numbers, misreported interest income, or incorrect deductions. Fortunately, the income tax laws allow taxpayers to amend these mistakes. According to Section 139(5) of the Income-tax Act, 1961, taxpayers can rectify errors by filing a revised income tax return.

Understanding Section 139(5)

Section 139(5) allows taxpayers to correct omissions or incorrect statements by filing revised returns three months before the relevant assessment year ends or before the assessment is completed, whichever is earlier. An assessment year follows the financial year, so if errors occur during ITR filing, here's how to revise your returns.

Who Can File Revised Returns?

All taxpayers can utilize Section 139(5) to file revised returns and provide accurate information to the Income Tax Department. Even those filing belated Income Tax Returns (ITRs) — submitting after deadlines — are eligible. Previously, only timely filers could amend their returns, but this has changed, providing greater flexibility.

Procedure for Filing Revised Returns

Filing a revised return involves the same process as submitting an original ITR. Taxpayers must select the "Revised u/s 139(5)" option and include details of the original return, such as receipt number and filing date. There is no cap on how many times you can revise your return, but each submission must reference the original return details. Ensure all information is correct to avoid further amendments, as misuse of this facility can lead to penalties. For assistance, you may opt for CA-assisted filing services.

Due Date for Filing Revised Return ITR

The government has shortened the timeline for filing revised ITRs by three months. Previously, individuals could file until March 31 of the relevant assessment year. From FY 2020-2021 onwards, the deadline is December 31 of the assessment year. However, due to the pandemic, the revised ITR deadline for FY 2020-2021 was extended to March 31, 2022. It's crucial to be aware of current due dates to avoid late penalties.

Important Considerations When Filing Revised Returns

Ensure the revised ITR is verified; unverified returns are not accepted by the Income Tax Department. Verification methods include e-verification, OTP, EVC through banking, or physical verification. For more details on filing, refer to the required documents to streamline your process.

Filing revised returns correctly can potentially save you from penalties related to incorrect declarations. Familiarize yourself with penalties for late filing to better understand the financial implications of non-compliance. Additionally, utilizing a tax calculator can help ensure accuracy in your tax computations.

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Frequently Asked Questions

Common questions about How to File Revised Income Tax Returns.

A revised return is a correction to an originally filed income tax return that contains errors or omissions. It can be filed within three months before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

Any assessee, including those who have filed their income tax returns belatedly, can file a revised return under Section 139(5) of the Income Tax Act to provide correct information to the Income Tax Department.

The process of filing a revised return is similar to filing an original income tax return. However, while filing the revised return, you must select the option "Revised u/s 139(5)" and provide details of your original return, such as the receipt number and filing date.

No, there is no limit to the number of times you can file a revised return. However, every time you file a revised return, you must provide the details of your original return.

For the financial year 2020-2021, the due date for filing a revised return has been extended to March 31, 2022, from the normal deadline of December 31 of the relevant assessment year.

Yes, it is essential to verify your revised return before submitting it. The Income Tax Department will not accept an unverified return. You can use various verification methods, such as e-verification, OTP, EVC through banking, or physical verification.

Revised returns allow you to rectify errors or omissions made in your original return, such as mentioning the wrong bank account number, declaring the wrong interest income, or claiming the wrong deduction.

No, you cannot file a revised return once the assessment process has been completed. The revised return must be filed before the completion of the assessment.

Yes, filing a revised return will automatically supersede and replace your original return with the corrected information.

Yes, you can file a revised return online through the Income Tax Department's e-filing portal, following the same process as filing an original return, but selecting the "Revised u/s 139(5)" option.