Few tax payers either don’t know or are hesitant to file revised return when they find some mistakes in their original return. But their is a provision to file once again a revised return to correct the mistakes or omission they did in original tax return filing.
Conditions to file revised returns:-
1) Revised returns can be filed if you filed your original return within due date. So if you filed your return after due date then you are not eligible to file revised return.
2) Revised return can be filed at anytime before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. For example, for financial year 2012-13 assessment year will be 2013-14. So you can file revised return of FY 2012-13 upto 31st March 2015 (end of assessment year 2014-15).
3) You can file revised return only if you found any omission or wrong statement in your previous return. But not for any concealment or false statement.
4) You can’t file revised return if income tax department already did assessment of your return.
5) You can file revised return if you missed any deduction or income.
6) You must have 15 digits acknowledgement no. and date of file to revise return.
7) Return can be revised any number of times but within the time frame what I mentioned above.
8) A loss income can also be revised and can be carry forward.
9) If found concealment of income from original then it will be penalized.
10) Penalty for such act will be 100% to 300% of your tax dues.
11) Usually revised returns will go through higher scrutiny from IT.
12) Revised return is the substitute to the original return.
How to file revised return?
- You can either use online or physical mode of return filing. But if you filed original return online then you have to file online mode only.
- Open the excel file where you originally filed return.
- Enable the macros.
- Mentioned as revised return and select the Sec 139(5) instead of 139(1).
- Do the necessary changes to your return.
- Fill acknowledgement number and date of original return.
- Click on compute tax, generate XML file by validating each sheet.
- Upload the file to Income Tax e-filing site.
- Download the revised ITR and sign it.
- Send the original and revised ITR sheets to CPC Bangalore.