Skip to main content

When to file a Revised Tax Return?

Top SIP Funds Online 


More than 34 million people filed their income tax returns (ITR) for assessment year (AY) 2018-19, till 31 July 2018, according to data available on income tax department's e-filing website. The number must have increased by now with the due date to file ITR being extended to 31 August. If you are one of the people who have filed your return on time, but in the hurry to meet the deadline made a mistake while doing it, like mentioning an incorrect bank account or forgetting to disclose certain incomes, you need to file a revised return. 



When you need to file a revised return?
If you discover any mistake or omission in the ITR you have filed, you are allowed to file a revised return under Section 139(5) of the Income Tax Act, 1961. Returns can be revised to correct errors that might have happened in the earlier return filed or to include information that one inadvertently missed out providing earlier


These mistakes can be omission or wrong reporting of any income or deductions, non-disclosure of assets and liabilities at the year-end in case income exceeds Rs50 lakh, non-disclosure of foreign income and foreign assets, filing of the wrong ITR form and so on. But each of these can be rectified in a revised return.


Typically, in a rush to meet deadline(s), many taxpayers end up making some errors or omission while filing their tax returns. Mistakes might occur as a result of limited knowledge of the provisions of tax laws or due to lack of accurate information available at the time of filing the original tax return


Remember after an amendment in tax laws from the current AY, i.e., 2018-19, the window to file a revised ITR is open till the end of the relevant AY or before the assessment of return by the tax department, whichever is earlier. In other words, return filed for AY 2018-19 can be revised till 31 March 2019, or before the assessment happens, whichever is earlier.


Mistakes might occur as a result of limited knowledge or due to lack of accurate information available at the time of filing... Filing a revised tax return may increase the chances of tax return being picked up for a detailed scrutiny assessment


Till last AY, i.e. 2017-18, returns were allowed to be revised till the end of one year from the end of the relevant AY. Therefore, a return filed for AY 2017-18 can also be revised till 31 March 2019, provided it was filed before the due date. Earlier a belated return (filed after the due date) was not allowed to be revised; now there is no such provision.





SIPs are Best Investments as Stock Market s are move up and down. Volatile is your best friend in making Money and creating enormous Wealth, If you have patience and long term Investing orientation. Invest in Best SIP Mutual Funds and get good returns over a period of time. Know which are the Top SIP Funds to Invest Save Tax Get Rich - Best ELSS Funds

For more information on Top SIP Mutual Funds contact Save Tax Get Rich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com

Popular posts from this blog

Group Health Insurance

Buy Group Health Insurance Online   For Human Resources, the biggest challenge today is to decide whether medical benefits should be offered to employees or not, what type of plans should be offered, what will be the cost and how will the cost be split between employees and employer. Well, most of these are subjective and would depend on a lot of factors including company size, average employee salary, etc. However, this article will give you a fair idea on how you should go about deciding these factors: 1. Why offer group health insurance benefit to employees : Studies have proved that retention rates among employers offering GHI are much higher than the ones who are not offering. Moreover, the cost of providing this benefit as a percentage of salary is very low as compared to the perceived value. As an example, say if average salary of an employee in your organization is 4 LPA. If you decide to offer a health insurance benefit to him for a Sum insured of ...

Why credit history is critical?

Will you need a loan to buy a car or a house? Do you know why some people get their loans sanctioned quickly without any hassle, whereas others find that their approval is delayed or their application is rejected? If you want a loan, you will need to work to build a solid credit history because this can have a bearing on the ease with which you get loans. Read on to learn more about what is a credit history and how to build a good credit score. What is a credit history? Your credit history is a way of tracking your credit behaviour and habits — basically it shows how disciplined and regular you are when it comes to repaying your dues on loans that you have taken. It will show a complete record of your past borrowing and repayment record including details about any late payments or if you have defaulted on a loan. This track record is readily accessible to lenders and is used by them to when reviewing your loan application. Borrowers who have historically had a bad record of managing...

JM Financial Mutual Fund - Its Schemes

  JM Financial Mutual Fund is a part of JM Financial Group which is one of the first mutual fund companies in India which started its operation in 1993-1994. JM Financial Asset Management Limited is sponsored by JM Financial group. The mission of the group company is to generate good returns in all the product categories. JM Financial Mutual Fund has launched a variety of schemes in the following categories. ·                            Equity ·                            Debt ·                            Arbitrage ·                            Liquid Equity Schemes: The schemes that are launched in the equity category are: ·                            JM Midcap Fund ·                            JM Balanced Fund ·                            JM Agri and Infra Fund ·                            JM Basic Fund ·                            JM Contra Fund ·                            JM Contra Fund ·                            JM Emerging Leaders Fund ·             ...

Choose gold ETF over Physical Gold

Investing in gold is overall a good portfolio hedging strategy as long as gold does not account for more than 5-10 per cent of your investment portfolio. Between physical gold and gold ETF, investing in gold ETF is a better proposition because these funds invest in physical gold making them the closest to investing in physical gold at no risk of holding physical gold.   You will need to have a demat account to invest in gold ETFs and there is little to choose between any of the gold ETFs, you can pick any fund that you wish to as long as you pick the fund with the lowest expense ratio.   -----------------------------------------------------------------   Also, know how to buy mutual funds online:   1) DSP BlackRock Mutual Funds: http://prajnacapital.blogspot.com/2011/05/buying-dsp-blackrock-mutual-funds.html   2) Reliance Mutual Funds: http://prajnacapital.blogspot.com/2011/06/buying-reliance-mutual-funds-online.html   3) Reliance Mutual Funds: http://prajnacapital....

Birla Sun Life MIP II Savings 5

  Birla Sun Life MIP II Savings 5 - Invest Online   Have you traditionally been a debt investor but now wish to test waters in equities? Then, debt-oriented funds such as Birla Sun Life MIP II Savings 5 (Birla Savings 5), which have limited exposure to equities, may fit your requirement. With a five year return of 10.5 per cent compounded annually, the fund managed a good 3-3.5 percentage points more than its benchmark Crisil MIP Blended Index, as well as its category average. The fund appears well poised to capitalise on a falling interest rate scenario and has increased the average portfolio duration of its debt instruments in recent times. Suitability Birla Savings 5 is suitable only for conservative investors. If you want to make a beginning in equities and cannot take any short-term declines in your stride, then this fund will suit you. If you are already an equity investor and want to use a debt-oriented fund merely as a diversifier, then you may prefer peers from the HDFC and Re...
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