Normally when we file Income Tax Return (ITR) we try to keep full precautions to avoid any mistakes. But sometimes mistakes may happen. Like given wrong bank account details or left considering interest income received on saving bank account or claim wrong deduction or fill details under wrong head etc. But don't worry law gives us permission to Revise it as per Section 139(5) of Income Tax Act.
Section 139(5) says if return filer get noticed that they have done mistakes in filing Income Tax Return then they can file revise return before completion of Assessment Year or Completion of Assessment Process. Remember Assessment Year is the next year for which ITR has been Filed, for example If we have filed ITR for the financial year 2017-2018 then Assessment Year will be 2018-19.
What Is Revised Return?
Revised return is the refiling of Return of same Financial Year (F Y) in which we had made mistakes and now willing to correct it. In Revised Return you need to provide details as per Original Return.
Who Can File Revised Return?
Section 139(5) Income Tax Act gives permission to file Revised Return to all those Tax Payers who already have filed their Income Tax Return (ITR) before its due date. If you have filed late ITR means filed after its due date, then you are not permitted to file Revised Return.
What is the Last Date To File Revised Return?
Earlier law permits to revise ITR within one year after completion of its Assessment Year it means assessee gets to year to file correct ITR, suppose you file ITR for F Y 2014-15 (A Y 2015-16) then you can file Revise Return within F Y 2016-17 (A Y 2017-18). But it is reduced last year. Now you have to file revised return within it Assessment Year.
How To File Revised Return?
You have give same details what you have already give in your Original ITR with its correction. But you have to select Revised Return U/s 139(5) in place of Original Return and need to provide Original Receipts Number along with filing date.
How Many Times You Can File Revise Return?
You can file Revise Return many times till you come with its correct details. But remember every-time you need to provide Original Return filing Receipts No and filing date. Don't Misuse It, assessing officer may ask you for doing this.
Most important every time you file Original Return or Revise Return you must need to complete verification process otherwise Income Tax Department will not accept it.
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