Skip to main content

How to revise Income Tax Return Once Filed


The revised income tax return can only be filed if the original return was filed on or before the due date of that assessment year


The last date for filing the income tax returns (ITRs) of assessment year (AY) 2016-17 was extended to 5 August from 31 July this year. It has been almost a month since then. For most law-abiding tax payers, their tax filing process would have come to an end on the day they verified their returns.


However, there can be instances when a tax payer discovers-after filing the return-that there was an omission or a wrong statement in the ITR. This could lead to the imposition of penalties by the tax department. To correct such mistakes, the department gives you the opportunity to file revised returns.


When to file a revised return

Section 139(5) of the Income-tax Act, 1961 allows you to file revised returns. But the revised return can only be filed if the original return was filed on or before the due date of that assessment year. Accordingly, if you are thus eligible to file a revised return, you can do so up to one year from the end of the relevant assessment year or before the assessment of your return by the department, whichever is earlier.


Typically, the department sends you a communication regarding the assessment of your return. So, if you had filed the return for AY17 on or before 5 August, you can revise it till 31 March 2018 or before your return is assessed by the department, whichever is earlier. Similarly, you can revise your return for the AY16-if it was filed before 7 September 2015-till 31 March 2017, provided its assessment has not been started.


Ideally, you should immediately file the revised return upon discovery of any omission or wrong statement in the originally filed return. If you declare any additional income in the revised return, you may have to pay additional tax and the interest on it.


A revised return is not considered a belated return, i.e., a return filed after the due date. Therefore, you can continue to claim the benefits of the return, in line with the original return. For instance: in case of a belated return, the assessee is not allowed to carry forward the capital losses, whereas in a revised return it can be done.


How to revise a return 

Note that a return can be revised any number of times, as long as the conditions mentioned above are fulfilled. However, the mode of filing the revised return cannot be different from the mode used to file the original return. That means, if the original return was filed electronically, your revised return should also be filed electronically. Similarly, if the original return was filed physically, the revised return should also be filed physically.


The process, and the forms, for the revised return are similar to those for filing of the original return. While filing a revised return, however, you must indicate that it is a revised return, by checking the appropriate box in the online or the offline form. The acknowledgement number of the original return also needs to be mentioned in the revised return. Once a revised return is filed, the original or previous return is deemed to be withdrawn.


A revised return can be filed multiple times-within the stipulated window of time-if needed, and only the latest one will be considered as valid.








For further information contact SaveTaxGetRich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com

OR

Call us on 94 8300 8300




 
 

Popular posts from this blog

Surrender ULPPs

  ICICI Pru LifeTime and ICICI Pru Lifestage are Unit Linked Pension Plans. Such insurance linked retirement plans are neither good investments nor do they offer sufficient insurance cover. As you can see, these have turned out to be bad deals. In the Lifetime plan, the fund value is not even equal to the total premiums that you have paid and in the Lifestage plan your return is just about 6% which is quite low. The mortality charges are as per your age which is why they have increased. Moreover, once these plans matures, you will have to compulsorily opt for annuity (regular income) and the annuity rates are generally modest. Assuming these plans mature in the next one year, it will be wise to surrender the plan now and curb your future commitments.   Before you choose to buy a term plan, you have to consider a few points. You need to insure yourself, only during the time you are working and your family is financially dependent on you. At the age of 59, not all insurance companies w...

ICICI Pru Constant Maturity Gilt dividend

Invest ICICI Prudential Constant Maturity Gilt Fund Online ICICI Prudential Mutual Fund   has announced dividend under the following schemes: Scheme Dividend ( R /unit) ICICI Pru Constant Maturity Gilt-DQ 0.26543239 ICICI Pru Constant Maturity Gilt Direct-DQ 0.27171609 ICICI Pru Q Interval Plan I-D 0.10617296 ICICI Pru Q Interval Plan I Direct-D 0.10703967 ICICI Pru Q Interval Plan I Ret-D 0.10617296             The record date has been fixed as June 13, 2016.   ----------------------------------------------- Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds Top 10 Tax Saver Mutual Funds to invest in India for 2016 Best 10 ELSS Mutual Funds in india for 2016 1. BNP Paribas Long Term Equity Fund 2. Axis Tax Saver Fund 3. Franklin India TaxShield 4. ICICI Prudential Long Term Equity Fund 5. IDFC Tax Advantage (ELSS) Fund 6. Birla Sun Life Tax Relief 96 7. DSP BlackRock Tax Saver Fund 8. Reliance Tax Saver (ELSS) ...

NPS Investment Choice for Safe Investors

Invest NPS Online       Whether they invested through SIPs or put in a lump sum amount, risk-averse individ uals have earned the highest returns. These are investors who stayed away from stocks and divided their NPS corpus between G class gilt funds and C class corporate debt funds. On average, gilt funds have given 9.75% annualised returns while corporate debt funds have churned out more than 11% in the past five years. As a result, the average return for ultra-safe investors in the past five years is in double digits. Even in the short term, ultrasafe investors have been the biggest gainers among NPS investors. Will the good times continue? The gilt funds of NPS are holding long-term bonds with an average maturity of over 19 years and a modified duration of about 9 years.These funds have done well because interest rate cuts have pushed down bond yields. But experts say this trend will not stay forever. NPS is a long-term investment and the bonds are predominantly held to matu...

Buy Health Insurance Plan even if you are covered with my Employer

Buy Health Insurance Plan Online Yes, getting a private insurance cover now, which extends beyond your retirement age, is recommended There are a few reasons why buying a health insurance plan may make sense even though you get medical insurance from your employer. Here are the points you need to think about. Firstly, your employer's insurance coverage will only protect you as long as you are employed with the company. The policy will terminate when you quit the job or when you retire. Post retirement is perhaps the phase when one needs it the most but you won't have it then. Moreover, buying a new insurance policy after the age of 50 means that there will be no coverage for pre-existing diseases.   Lastly, health insurance policy you get from your employer may or may not cover your dependants. ------------------------------ ----------------- Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds Top 10 Tax Saver M...

SBI MAGNUM MIDCAP ONLINE

Invest SBI MAGNUM MIDCAP ONLINE   SBI MAGNUM MIDCAP fund didn't fare well in its initial years but, in recent years, has steadily improved its performance under the capable hands of its current fund manager. Although investing predominantly in mid-cap stocks, the average market capitalisation of its portfolio is lower than other category peers.   Although the stock selection approach is mostly bottom-up , the fund manager doesn't shy away from taking bold sector bets , as is reflected in its large exposure to the healthcare sector. She is equally adept at handling performance across market cycles--the fund has captured more of the upside during market upticks and contained the downside during downturns in a better manner than its peers.   Given its superior risk-reward equation, the fund is a worthy pick in its category.     ----------------------------------------------- Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing EL...
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now