How to file revised Income Tax Return (ITR) in India?

How to file revised Income Tax Return (ITR) in IndiaHow to file revised Income Tax Return (ITR) in India?


Many individuals are in hurry to file income tax returns (ITR) to close it before deadline. In this process they would have made mistakes (minor or major) in filing the ITR. If you made mistake in filing ITR, you can still revise the income tax returns in India before certain deadlines. This article would provide the common mistakes done in ITR and how to file revised income tax returns (ITR) in India along with the details of deadlines to file such revised ITR. 

What is Income Tax Return (ITR)?


ITR stands for Income Tax Return. It is a predefined worksheet where the assessee reports his income in order to calculate the tax thereon.  As per the Income Tax Act, the ITR is to be submitted every year by an individual or business that received income during the year, be it in the form of salary, business income, interest, rent, capital gain or any other source. There are different ITRs Forms prescribed by the Income Tax department. One needs to check that which ITR form is suitable for him. You might save income tax through various tax saving investments, but you need to still file ITR.

What are common mistakes done in ITR?


There are a few common mistakes which generally come across-

1) Choosing the incorrect form and then filing it may lead to rejection of ITR. Every ITR has a different set of income so one needs to be careful while choosing the form.

2) Failing to claim deduction u/s 80C/80D or any other section is another very common mistake. Individuals generally forget to claim the income deduction, which leads to wrong calculation of tax. 

3) Every taxpayer is required to fill the columns applicable to them unless specified as optional. If all annexure, columns, and statements are not duly filled in an ITR, it may be considered as defective.

4) Mentioning correct basic details like bank account number, PAN, e-mail id, personal information is very important, but people tend to make mistakes in them.

5) After filing the ITR, it needs to be verified to which many a people forget. There are 7 ways of e-verifying your income tax returns (ITR). , This can be done net banking, Aadhar OTP, and EVC on the Income Tax Department website.  

What is revised ITR means (Section 139(5))?


After filing his/her income tax return, if he/she discovers an omission or mistake in the income tax return, then Sec 139 (5) of the Income Tax Act allows taxpayers to rectify their mistakes by filing a revised income tax return. But, there is a catch- ‘the option to file the revised return is not available if the reason is other than omission or wrong statement. If any income was intentionally not disclosed in the original return and the assessee chooses to file the revised return after the show-cause notice, the assessing officer may ignore the revised return and initiate a scrutiny.

Who can file Revised ITR u/s 139 (5)?


Every income tax assessee who has filed their ITR is eligible to revise it under section 139(5) to provide correct information to the income  tax department. Earlier, only those income taxpayers who had filed ITR before the expiry of the deadline were allowed to file revised returns. Income tax assesses who had filed returns late, i.e., after the deadline of filing ITR were not allowed to revise the returns. However, now, even such late filers can now revise the tax returns.

How to file revised Income Tax Return (ITR) in India?


The process of filing revised ITR is same as filing an original one. Visit the e-filing website of the Income Tax Department and log in with your credentials. While filing a revised ITR, you are required to file it up u/s 139 (5) of the Income Tax Act. In Part A-General Information, the taxpayer has to choose ‘Revised Return under Section 139(5) from the drop-down box and in the same tab, provide information to identify the original return. In the column of ‘return filed under’ you are required to select an option ’17- revised u/s 139 (5)’. The ITR form will ask you the additional details of original ITR, i.e. receipt number and date of filing of original ITR.

Once you have filed the revised ITR, please make sure to verify the same. The income tax department is not going to accept the same until it is verified. To verify the ITR, one can use any of the 7 methods available for verification. E-verification is done by using electronic methods such as Aadhar, OTP, EVC through net-banking or via physical verification by sending a signed copy of ITR-V (acknowledgement receipt) to CPC, Bengaluru.

What is the last date to file revised ITR?


As per the current income tax laws, you only have the time till the completion of the relevant assessment year to rectify the mistakes. So, if you have filed the ITR for the financial year 2018-19, your assessment year is 2019-20 and  you have the time till the  end of this financial year i.e. 31st march 2020.

The tax laws allow taxpayers to file revised return till one year after the expiry of the assessment year, which means that the taxpayer had two years from the end of the relevant financial year. 

How many times you can file revised ITR?


There is no limit for the number of times one can file a revised return. One thing to note is that every time you file revised ITR, you need to provide details of your original return. This is a facility given to taxpayers, but they should not misuse it and ensure highest care while filing an original return.

Few FAQs about filing revised ITR


There are few Frequently Asked Questions (FAQs) about filing revised income tax returns. Let us look at them quickly.

1) Is it mandatory for everyone to file an income tax return?


No, you need to file an Income Tax return if your total taxable income exceeds the basic exemption limit before taking into account deductions like tax-saving investments.

2) What is the last date for filing an Income Tax return?


For individuals, the due date of filing the income tax return for a financial year is 31st July after the end of that financial year. So, for the financial year ending 31st march, the due date of filing income tax return is 31st July. For last financial year, Govt of India has extended the deadline to 31st August. This is applicable only for this year.

3) What is the last date of filing revised ITR for this assessment year?


For this assessment year, i.e. 2019-20, you will be filing income tax return for the financial year 2018-19. So, the last date of filing your revised income tax return would be 31st March, 2020.

4) What is ITR-V?


ITR-V is the Income Tax Return – Verification form. It is received when you e-file your return without using a digital signature. The income tax department needs to verify the authenticity of the return, so on receipt of ITR-V, you have to sign the copy and submit it to the department which is situated in Bengaluru to complete the process.

5) Can I submit ITR-V form elsewhere in India?


No, the CPC office is located in Bengaluru only and you have to compulsorily send it there only.

6) How do I everify revised income tax returns?


You can do e verification of revised income tax returns with 7 methods available to verify your ITR, i.e., e-verify by using electronic methods such as Aadhaar, OTP, EVC through internet banking or via physical verification by sending signed copy of ITR-V to CPC, Bangalore.

7) Is there any penalty to file revised income tax returns?


There is no penalty to file revised ITR. However if you have received notice u/s 148, then revising tax returns, you need to pay penalty.

8) I missed to show income in my original ITR, can I show it in revised ITR?


If you have missed to show any particular income, you can show them in revised ITR. The penalty may or may not be levied in such case.

9) If I file revised tax returns, am I safe?


If Revised returns have high impact, there are higher chances that you would get scrutiny letter form income tax department.

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Suresh KP

How to file revised Income Tax Return (ITR) in India

Suresh KP
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