How to File a Revised Income Tax Return to Rectify Mistakes in Original Return?

Did you make any mistake while filing your income tax return? Many Indian taxpayers file their income tax returns in the last minute, often resulting in an inadvertent error in their tax return. Sometimes, taxpayers might make a mistake in their tax return due to oversight or typographical errors. What if you have made a mistake in your income tax return by mission to report any income or failed to claim a deduction or refund?

Income-Tax-Return-IndiaIf you have e-filed within the due date of filing your income tax return, you can rectify your mistake in the tax return by filing a revised income tax return.

According to Section 139(5) of the Income-tax Act, 1961, the revised tax return can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of assessment by the income tax department, whichever is earlier.

Who can File Revised Income Tax Return?

Anyone who has filed his/her income tax return within the last date for filing can revise their income tax return and rectify the error in their original tax return till last day of the tax assessment year. For financial year 2015-16 (assessment year 2016-17), all income tax returns submitted by 5 August 2016 can be revised till 31 March 2017. From the next assessment year (2017-18), the income tax department will allow revision of late income tax returns as well.

Last Date/Time Limit for Filing Revised Income Tax Return

If you have filed your original income tax return on or before the due date for filing your tax return, you can revise your tax return any time till the end of the applicable assessment year. For financial year 2015-16, the tax assessment year is 2016-17. This means you can revise your tax return till 31 March 2017.

How to File a Revised Income Tax Return?

If you have made a mistake while filing your income tax return, do not verify the erroneous return if you haven’t done it already. Any return that has not been verified online or via the physical acknowledgement form will not be processed by the income tax department. Once return is verified, the income tax department begins processing it.

Review your tax return properly for any error. If you spot an error, submit a revised income tax return.

To revise your income tax return, you need your 15 digit acknowledgment number of the original income tax return provided by the tax department. You can file a revised tax return using the income tax departments online e-tax filing website or through with any of the online tax filing platforms. You are not restricted to file your revised return only via the platform which your original return was filed.

Rectify your mistake in your revised tax return, review and re-check all the fields to ensure that there are no errors in the revised tax return. If the revised return requires a higher tax payment, make sure to pay this tax along with the applicable penalty/interest before submitting your return. For depositing your tax, you can use the online tax payment systems of any authorised bank.

How many times can you revise your income tax return? There is no limit on number of times an income tax return can be revised. However, if you are not able to file your return properly on your own, seek help from professional tax return preparers or chartered accountants to avoid unnecessary hassle later on.

Verifying your revised income tax return: Once you have filed a revised tax return, you must verify it using the net banking method or Adhaar-based OTP. You can also send the physical ITR-V to CPC, Bangalore. The ITR-V (ITR-Verification) is emailed to you as an attachment by the income tax department to your registered email id.

Categories: Tax