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?
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I hv filled itr1 for 2020-2021,in which i hv paid self assessment tax .After that i found some over payment of tax so later revised it under139(5) for which i also got refund. Now suddenly i got 143(1) which has tax demand of 50000.kindly helpme in this .
Dear JB,
Check the reasons for refund by comparing your filing to what they have raised.
Is there any chance of getting refund by filing rectification of ay 2013-14.
Dear Kunal,
NO.
Respected sir,
I am a 65 years old pensioner having an income of Rs 329414/- from pension for FY 2018-19 and TDS Rs 1510/- deducted by the employer. I have not filed any itr as of now taking it as non-needed. Now my employer is asking me to provide the copy of my itr for FY 2018-19. I tried to file online itr on e-filing portal but it could not be uploaded due to time-barred. I have not received any notice from ITD in this connection. I have generated XML file with offline utility but there is no system of uploading on to my account in the absence of any notice. How to tackle this situation? How to reply to the employer? Should I proceed for Condonation Request? Should I file itr through E-mail? or not to do anything unless I receive a notice u/s 142. Please direct with your valuable views.
with Thanks and Regards!
Dear Ravtar,
You can file up to the last 6 years of ITR. Hence, you can still file ITR. If you can't do so on your own, then take the help of any CA and complete it.
I had done losses in this year while trading but was not aware that is can be carried forward for coming years and due to lack of knowledge I filed ITR 1 what I use to fill before trading,whereas I was supposed to fill ITR-3
I have still not verified that return can I file Revised in ITR-3 and take the benefit to carry forward my losses.
Dear Yatin,
Yes.
I have been paid my salary arrears in two installments, one in March 2020, and August 2020 now i have filed IT returns for the FY 2019-2020 and now i have received tax relief under section 89, now i can claim the same in the next FY ie, 2020-2021. Kindly reply
Dear Kiran,
What is your doubt?
for AY 2009-10 ,in my it return TDS deducted from my salary is Rs.6507 ,but form 26as shows only Rs.2060 & total income also different, how can i file revised return /outstanding demand.
Dear Dilip,
If there is a difference in TDS, then first approach your employer for the same.
Hello Sir
I have filed and e verified the ITR without paying due tax of Rs.13050 . one day later on 30/08/2019 I paid the self assessment tax of the same amount through debit card. The amount has been deducted from my SBI account but I am unable to find BSR code and challan no.
a) when and how I can get BSR and Challan no.
b) If I'll file revised ITR after 31/08/19, any penalty to be paid ?
Dear Jitendra,
Better you contact the bank for the same.
Sir I have filed the revised itr and I haven't e verified original one do I need to e verify both or the only revised one only
Dear Ashutosh,
Revised one is enough.
Hi Basavaraj,
I have submitted my returns using the online option instead of using Excel for FY 2016. I would like to submit a rectification request as I received a 143(1) notice. It seems I need to upload xml file. How do I generate the Excel now? I see my Acknowledgment only provides a pdf copy of my return.
Please advice.
Thanks
Dear RP,
You have to convert to xml and upload.
I was a central govt. officer with salary is the only source of income, as such all the tax related data were reflected in Form 16 while in service. For tax -credit mismatch, I got certain notices which were handled by my staffs as I was never comfortable with this tax handling matter. But after my retirement, I am going through all this matters myself and found after entering in the IT website in "for your action" window that though three notices were disposed in my favour but three notices for AY 2010-11 1431(a) , 2011-12 143 1(b) and 2013-14 (154) respectively were still pending ; two were replied with disagreement on my behalf; and no reply from IT department received so far.
However, for the third one (AY 2011-12) No reply was given on my behalf and the action on my behalf is still pending. This also tax credit mismatch ; it (and 26 as) does not reflect neither the chargeable income nor the TDS as per form 16 .
My query is:1. Can I put a reply (disagreement) for this third case now?
2. And for first two cases what more I am supposed to do? All my records are intact and in all three cases no tax is pending as per form 16.
Regards
Chanchal-1) YES you can.
2) You have to wait for their reply.
Thank you very much for quick and assertive reply.