I hope you have already filed your Income Tax Return. Generally, you need to file your Income Tax Return by July 31 of any year unless extended by the government. However, at times in order to meet the deadline, we may forget to disclose some income or may make unintentional mistakes like a mistake in claiming any deduction.

In such a situation, you can always file a revised return. 

What is a Revised Return?

A revised return is a return that is filed u/s 139(5) as a revision for the original return. It is a revision for any omission or mistake made in the filing of that original return. In order to meet the deadline, a person may forget to disclose some income or may make any other mistake like a mistake in claiming any deduction.

For example: If a Return of Income is filed by the assessee for the Financial Year 2020-21 i.e. Assessment Year 2021-22 and he later discovers some mistake, he can file a Revised Return of Income Tax anytime up to 31st March 2019 or before the completion of the assessment whichever is earlier.

Return eligible for revision

  • The original return filed u/s 139(1).
  • The belated return filed u/s 139(4) can also be revised now.

Points to keep in mind while filing a revised return:

  • ITR form can be changed while revising of return.
  • No penalty can be levied by the department for bonafide mistakes (unintentional)
  • If the assessing officer discovers that the error/ omission was intentional/fraudulent return revision of the return is not allowed and a penalty may be levied.
  • Interest under sections 234B and 234C will be recalculated under every revised return.
  • If the taxpayer has revised the return after the survey/search and it was has found that the mistake in the original return was not bonafide then the levy of penalty is justified.

Time Limit

Revised Return of Income Tax can be filed by an assessee at any time

  • Before the end of the relevant assessment year; or
  • Before completion of the assessment

whichever is earlier.

For example: If an assessee files the return for F.Y. 2020-21 (A.Y. 2021-22) on 8th July 2021. And later on, if he discovers some mistake, then he can file a revised return of Income Tax anytime up to 31 March 2022 or before the completion of the assessment, whichever is earlier.

Here is how to file a Revised Income Tax Return:

  • Visit the Income Tax website, now login into the Income Tax e-filing portal by entering PAN/ Aadhar/ other user ID.
  • After logging in, you need to select your assessment year and select ITR Form Number.
  • After that after under ‘Filing Type’ select ‘Revised’
  • Now under the ‘General Information tab, choose the ‘return filing section’ as ‘revised return’ under Section 139(5) and the ‘return filing’ type as ‘revised’.
  • Now enter the acknowledgement Number and Date of filing of the original return. (It is compulsory to enter the 15-digit acknowledgement number when filing a revised ITR).
  • Carefully fill in or correct relevant details of the online ITR form and then submit the ITR.
    Finally, e-verify the returns for faster processing and a quicker refund.

Wealth Cafe Advice: 

Usually, mistakes/errors take place when you sit to file your ITR during the deadline period. Make sure you are ready with all the documents and be prepared to file it well in advance  - this will also help you to get your refund on time. However, if you still discover a mistake after filing the original return, rectify it yourself by filing a revised return or consult your accountant rather than waiting for the Govt to send a notice.

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