Income tax returns (ITR) filing: Made a mistake? This is when and how to file revised return
It is not uncommon for taxpayers to commit errors or miss out on important information while filing tax returns. Income-Tax laws provide for a mechanism to correct these mistakes by allowing you to file a revised return.
It is not uncommon for taxpayers to commit errors or miss out on important information while filing tax returns. Income-Tax laws provide for a mechanism to correct these mistakes by allowing you to file a revised return. Let us understand how to file a revised return.
When can a return can be revised
Returns can be revised to correct errors that might have crept into the earlier return filed or to include information that had been inadvertently missed out earlier.
Some scenarios where a return can be revised are as follows:
* Personal details have been incorrectly mentioned in the earlier file return
* Bank account details have been incorrectly mentioned. This detail assumes higher significance if you have a refund due
* Have missed to disclose an income received during the financial year because it is tax exempt. Non-disclosure of exempt income is incorrect. Ideally, you must disclose income and then claim the exemption in the return itself. In fact, there is a separate schedule where you have to provide details of all exempt income
* Missed claiming applicable deductions. For example, a taxpayer paid premium of Rs 28,000 towards a medical policy taken for senior citizen parents. He is eligible to claim a deduction under Section 80D of Rs 30,000 (Rs 50,000 with effect from April 1, 2018) which he missed claiming. He can revise his return to claim this deduction
* Missed claiming credit for taxes deducted at source
A revised return has to be filled in the same manner as the original return. The only changes would be:
* Revised return would include corrections carried out
* It will also include details of the earlier return filed, such as, filing date and acknowledgment number
Time limit
A revised return for Assessment Year (AY) 2018-19 must be filed on or before the end of the AY, that is, on or before 31 March 2019. However, for returns filed prior to AY 2018-19, there was a time limit of one year from the end of the AY, that was available for revising the returns.
There is no restriction on the number of times a return can be revised, as long as it is within specified date for revising the return. However, multiple revisions may attract the attention of the I-T authorities. Returns that have been filed and also processed by the I-T department can also be revised as long as it is done within the prescribed timeline.
Watch this Zee Business video
Just as original returns, revised returns can also be filed either online or manually. Be careful while filing the original return, because revision may invite unnecessary questioning even in case of genuine errors.
By Archit Gupta
(The writer is founder & CEO at ClearTax)
Source: DNA Money
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
01:45 PM IST