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Revised Tax Returns
Written by Gagandeep Arora - Printed on - Date - 12th Oct 2022
To err is humane as rightly said by a famous poet Alexander Pope.This statement is well understood by the Income tax authorities as it provides a provision for an individual to file a revised income tax return in case any changes are required to be done in the original return filed. In simple words, you are filing your return again but with correct and complete information this time. Let us check out a few facts about revised returns in the article below and for any assistance in filing revised returns, we have a team of tax experts at TaxManager.in. to solve all your queries.
Table Of Content
| Who can file a revised return? |
| How to file revised returns and its Consequences? |
| How many times can a revised return be filed ? |
| What is the last date to file ITR? |
| Points to Ponder |
Who can file a revised return?
According to Section 139(5), of the Income-tax act 1961, any assessee is allowed to rectify any mistake or omission made by him and revise the tax to give complete information to the Income tax department. Any assessee who has filed his ITR is entitled to file a revised return. A taxpayer who has filed a return after the due date that is a belated return can also file a revised return.
How to File Revised Returns And Its Consequences?
To make mistakes while filing your return at the last minute is very likely. But the Income Tax Department gives you a second opportunity to rectify your mistake.The process of filing a revised return is similar to the process of filing original return. Under Section 139(5) in case of any omission or wrong statement, you can file a revised return. The ITR form will only ask additionally for the details of the original ITR filed. This return can be filed three months before the end of the relevant assessment year or before the completion of the assessment which currently is 31 December 2022. You can contact us at Taxmanager.in, we have an efficient and knowledgeable team to file your revised returns at a very nominal cost.
Fees And Penalties For Filing Revised Returns
All innocent mistakes are spared here, so no penalty or fine is levied in case of omission or wrong statement provided you file the revised return and correct your errors. If you are eligible for any refund it will be issued only after the revised return has been filed.
How many times can a revised return be filed?
A revised return can be filed as many times as required, there is no limit to the same. But it is not wise to misuse this provision and try to rectify any mistakes made in one go.
What is the last date to file a revised return ?
The last date to file a revised return is three months before the end of the relevant assessment year or before the completion of the assessment which currently is 31 December 2022.
Points To Ponder
Revised return gives you an opportunity to file a correct Income tax return.It is very important to verify a revised return with the Income tax department otherwise the revised return is not considered filed. But for FY 2021-22 the last date to file a belated return and a revised return is the same as 31 December so you do not have the opportunity to revise a belated return.
You can contact us at Taxmanager.in for further assistance for filing revised returns.
