Many taxpayers race to the deadline and file at the last minute. Sometimes this may lead to an inadvertent error in their tax return. A deduction not claimed or an income not reported are some of the common errors. If you have e-filed within the due date, don't worry, your return can be revised.
Who can file revised returns? Of the many advantages of submitting your return timely, the most important is that it can be revised. Returns for FY 2015-16 which were submitted by 5th August 2016 can be revised any time before 31st March 2017. However, to make your revision process smooth it's better to not verify a return you wish to revise. Once return is verified, the income tax department begins processing it. Correct your errors when you notice them, review your return properly and submit your revised return. You can then verify the revised return.
Starting the next AY 2017-18, the income tax department has allowed revision of belated returns as well.
How to revise your income tax returns? To revise your income tax return, you'll need your 15 digit acknowledgment number of the original return sent to you by the income tax department. Your return can be revised with any of the e-filers, irrespective of whether you filed your original return with them or not.
Incorporate the omission in your return, then review and check all the fields including those where there was no change. If the changes result in a tax due, you must pay this tax before submitting your return.
How many times can your return be revised? Although there is no limit on number of times a return can be revised, if you are making too many mistakes, its best to seek professional help.
Verifying your returns A revised return must also be verified. You can verify it via net banking or adhaar OTP. You can also send the physical ITR-V to CPC, Bangalore, however remember to send the ITR-V of the revised return. ITR-V is sent as an attachment by the income tax department to your registered email id.
For further information contact SaveTaxGetRich on 94 8300 8300
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