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

Understanding Your Cibil Credit Information Report

   WE ARE all familiar with the anxiety and uncertainty that we feel when applying for a loan. After all, it's the lender who decides whether we can own our dream home, our first car, or whether our children can pursue higher education. In a nutshell, a better life depends on the lender's decisions.    While other factors do play a part in the lender's decision, the Cibil Credit Information Report ( CIR ) plays a crucial role in a lender's decision to approve a loan application.    Previously, lenders would treat all loan seekers equally. Each applicant, if approved by the lender's internal credit policy, would be charged at the same interest rate for a particular loan size and purpose. The lenders would charge a higher interest rate to all the borrowers, in order to compensate for the possible default of a small portion of the loan disbursed. In other words, it's like a professor (the lender) punishing an entire class (borrowers) for the mischief played b...

What are the factors affect the changes in Interest Rate of Fixed Deposits?

  What are the factors affect the changes in rate of Fixed Deposits? Fixed Deposits are now considered to be a very old fashioned method of saving, but still attract many investors since they have guaranteed returns at the end of the tenure of the investment at a decent interest rate. There are various factors that affect the rates of interest for a Fixed Deposit. Policies of the Reserve Bank of India   - The several norms and restrictions posed by the Reserve Bank of India , in order to gain optimum control over credit and inflow and outflow of fund throughout the country. The repo rate changes, cash reserve ration tends to change and these changes affect the banking products like Fixed Deposits, loans etc. Recession   - When unemployment in a country crosses the benchmark set Recession hits, and slowly the country faces an economic slow movement, affecting the purchasing power of the people in the country, forcing the Reserve Bank of India to release more funds in the financial marke...

Capital Protection Oriented Funds

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   Capital Protection Oriented Funds   Erosion of capital is one of the key concerns for investors wanting to invest in equity mutual funds. To address this concern, asset management companies have launched Capital Protection Oriented Funds (CPOFs). What are CPOFs? CPOFs are generally three to five-year, closed-ended funds where 70-80% of the portfolio is invested in fixed income securities, which mature on or before the scheme's tenure. The investment in fixed income securities grows to 100% at the end of the tenure, providing the investor with capital protection. The remaining portion (20-30%) is used to take exposure to equity, which provides the upside. Exposure to equities is either by directly buying equity stocks (plain vanilla CPOFs) or by b...

Mutual Fund Review: ING Dividend Yield

  ING Dividend Yield's small assets enable the fund manager to churn in impressive returns… Strategy The aim of the fund is to invest in stocks which offer a high dividend yield. This fund deploys a value based strategy which aims to gain from investing in fundamentally strong and free cash flow generating businesses. The scheme focuses not only on growth but also on the cash generated by the business, which mostly leads to stable returns even in volatile markets. This fund has a low volatility because of its investment in high yielding stocks. The scheme tries to include stocks that yield dividend above the dividend yield of the Nifty and stocks with liquidity, which throws up a universe of 150 stocks.   Our View Launched in October 2005, this fund invests at least 65 per cent of its assets in high dividend yield stocks. The fund has consistently maintained a mix of stocks across varying market capitalisation, with a higher tilt to mid caps compared to small caps. Howev...

SBI Small Cap Fund

SBI Small Cap Fund scheme seeks to provide investors with opportunities for long-term growth in capital along with the liquidity of an open-ended scheme by investing predominantly in a well diversified basket of equity stocks of small cap companies. SBI Small Cap Fund has widened its margin of outperformance relative to its category and benchmark in the last one year, earning itself a five-star rating. The fund shows a hefty 18 percentage-point outperformance relative to its peers in the last one year, 5 percentage points over three years and 4 percentage points over five years. Needless to say, it has also outpaced its benchmark to deliver convincing five-year annualised returns of 37 per cent. A believer in the credo that a small market cap does not reflect business quality, the fund looks for five attributes in the stocks it buys: competitive advantage, return on capital, growth, management and valuation. SBI Small Cap Fund is among the few in this space to remain at quite a man...
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