If after furnishing the original return, any omission or any wrong statement is discovered which was done totally unintentional then one may file a revised return. What is Revised Income Tax Return? What changes can be done in Revised Return? How to Revise Income Tax Return? What is the process of revising the return?
Table of Contents
Revise Income Tax Return
What is Revised Return?
If an individual has already filed the income tax return and subsequently discovers any omission or wrong statement , he can re-file the return with necessary modification. This re-filing of the income tax return is referred to as Revised Return.
When should one file Revised Return?
The revised return should be filed only if the mistake is valid or you have got the notice from income tax department under section 143(1)a. If after furnishing the original return, any omission or any wrong statement is discovered which was done totally unintentional then one may file a revised return. For example, you can revise return if
- If you have missed declaring an income.
- Or if there is mistake in any other statement you can correct the error by filing a revised return.
For instance, if you you forgot to declare tax-exempt interest from PPF or interest on Saving Bank account or you had not declared some income such as interest on your fixed deposits or you paid your self-assessment tax or you want to correct the data.
The return filed in response to notice under section 148,for the assessment of the escaped income, can also be revised provided that for such return all the provisions of section 139 shall apply
Procedure to file Revised Return
To file Revised Income Tax Return gather following information:
- Receipt No of Original Return
- Date of Submission of Original Return
To get it from the income tax filing website, login in and click on the ‘View Return’. You would see all the returns you have submitted electronically. Get the Ack.No number as well as filing date as shown in the image below for the year fir which you are revising.
Procedure for revising return is as follows :
- Check for the discrepancy in the original return e-filed
- Log on to incometaxindiaefiling website
- Prepare Return just like like you filed the first time, correcting or filling what had got omitted earlier.
- Go to part of ITR with Filing Status , PART-A General, for example shown in image below (Fill Excel ITR form : Personal Information,Filing Status)
- For Whether original or revised return select R-Revised.
- For Return filed under section select Revised 139(5).
- Enter the E-filing acknowledgement receipt number from the ITR-V Which you would have got after filing the original return.
- Press Submit button on completion of data . You will get a new ITR-V marked as revised return.
- Once you receive the ITR-V form, you are supposed to E-verify your return or send across both original and revised return ITR-V forms to IT department Bangalore within 120 days.
You can E-verify your return as explained in our article E-verification of Income Tax Returns and Generating EVC through Aadhaar, Net Banking
Can I correct the Assessment Year or change my ITR form?
Revised return ,typically, means making changes in your original return that is Assessment Year and ITR remains the same.
Assessment Year: Income Tax return, ITR, is bound to an assessment year. For income earned in FY 2015-6 assessment year is AY 2016-17. Income Tax return forms(physical and excel) of AY 2016-17 and AY 2015-16 are different,. A revised return for the correct assessment year needs to be filed using that year ITR Form . Please use correct year Excel/Java Utility/Prefilled ITR only.
Can an e-return filed with one ITR Form say ITR-1 be revised in any other ITR Form
Yes. However, the taxpayer should use the form as applicable. Ref:Top CA Firms
When can Income Tax Return be revised?
Revised return can be filed only if the original return was filed within due date, Original return is filed under section 139(1). If a return is filed after the due date,called belated return, then it cannot be revised.
Till when can one revise a return? Time period of filing the revised return?
The revised return can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier, As per section 139(5) of Income Tax. You cannot revise return if your return is processed.
For example: If a Return of Income for the Financial Year 2015-16 or Assessment Year 2016-17 is filed by the assessee on 28th July 2016 (before the due date of filing of Income Tax Return i.e.5 th Aug 2016), and he later discovers some mistake, he can file a Revised Return of Income Tax anytime up to 31st March 2017 or before the completion of Assessment whichever is earlier.
How many times can the revised return be filed?
Technically a return can be revised any number of times before the expiry of one year from the end of the Assessment Year or before the assessment by the Department is completed; whichever event takes place earlier.
Don’t revise for the heck of it! You could be penalized
Revised returns are more likely to be chosen for scrutiny and if any omission is found purposeful, especially if income has been revised higher, you could be penalized with a fine or even imprisonment. If revised return is filed to correct a bonafide mistake then no penalty can be levied, otherwise it can be levied which could be 100 to 300 percent of tax dues.
In case of concealment of income and furnishing of inaccurate information in income tax return an individual will be penalized under Section 271(1)(c) of Income Tax Act
What happens to the Earlier Return?
Once, a revised Return is filed, the originally filed return is taken to have been withdrawn and substituted by the Revised Return. Revised Return Substitutes the Original Return. You need the e-verify or send both original and revised return ITR-V forms to IT department Bangalore within 120 days.
Difference between Revision and Rectification of ITR?
Both Revising the return and rectification are similar but not same. A taxpayer can rectify his income tax return online if there is an apparent mistake in the return already filed. The change can be effected only after the taxpayer has received an order. Rectification enables correcting the error and refilling the return for assessment. So summarizing :
Revised Return can be filed only if you have done any mistakes(omissions or commissions) in filing your original return of income. It can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier.
Rectification is filed after processing of return or after receiving Intimation u/s 143(1), to rectify the mistakes in the order passed by the Income Tax department. Only those mistakes which are apparent from records can rectified u/s 154 upto 4 years from the end of the financial year in which order sought to be rectified was passed.
Is there some fine or payment for filing Income Tax Return?
No there is no fine or payment to be made for filing revised return. As you have already filed original return within due time, therefore no need to pay interest u/s 234A, but if any tax is due then you have to pay interest under section 234B, 234C. Please pay Self Assessment Tax using Challan 280, Update the tax paid in ITR and then revise the return. As explained in our article Self Assessment Tax, Pay Tax using Challan 280, Updating ITR
How to Revise Income Tax Return?
How should the revised returns be filed – Online or Physical?
To file revised returns, one can use both the online and physical methods. However, you can revise returns online only if you have filed the original returns online and have the 15-digit acknowledgement number with date of filing original return.
Related articles :
- E-filing : Excel File of Income Tax Return
- Income Tax for Beginner, Income Tax For Beginner – Part II
- Understanding Form 16: Tax on income, Understanding Perquisites, Understanding Form 12BA
- After e-filing ITR: ITR-V,Receipt Status,Intimation u/s 143(1)
- Paying Income Tax : Challan 280
Hope this explains how to revise income tax returns.
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