How To E-File Revised Income Tax Return?

Now the deadline to file revised as well as belated return is nearing for the financial year 2017-18 and there can be a case when even after extreme cautiousness, you might have missed on some important information which needs disclosure or there can be a case of omission or wrong statement in the ITR.

And to make the process seamless for taxpayers, even income tax returns that have been filed through the offline mode can be now filed online.

Here’s details on when and how to file a revised ITR?

And if you have also after filing your ITR for the FY 2017-18 and FY 2016-17 have by any chance come across any discrepancy such as misrepresentation or wrong statement, there is a provision to file revised return as per Section 139 (5) of the Income Tax Act, 1961.

Change in the revision ruling for ITRs.

From FY 2017-18 onwards, the time period to file the revised return was reduced from 'expiry of one year from the end of the relevant assessment year' to 'the end of relevant assessment year'. Therefore, the last date to file revised ITR for FY 2017-18 and FY 2016-17, is March 31, 2019.

Instances where revision of return is required

1. Wrong reporting of any of the income or deductions

2. Any omissions

3. Non-disclosure of assets and liabilities, in case the income is over Rs. 50 lakhs

4. Filing of wrong ITR form

5. Non disclosure of foreign assets or foreign income during the filing of the original return.

And for the same, the taxpayer can file the return until the end of the relevant assessment year. So for financial year 2017-18, revision of income tax return is possible until March 31, 2019. Also, the revision can be done before the assessment by the department.

Here’s how ITRs are revised?

Revision of ITR has to be made using the same income tax return form, unless the taxpayer has chosen a wrong form for filing of return. Also, the process for filing the return as well as verification is the same.

Only the correct details are to be entered and you need to check in the box which asks us what return type is being filed i.e. whether it is an original or revised ITR.

Tax filer needs to given in the details of the original return such as the date when it was filed originally along with the 15-digit acknowledgment number. And if initially, the return has been filed through the offline mode, then when entering the acknowledgment number if it falls short of the 15-digits then it has to be made 15 digits by entering zeros at the end of the acknowledgment number.

An income tax return can be filed as many times provided the stipulated criteria is met and once the return is revised, the original stands withdrawn.

Consequence of not filing revised ITR by March 31

In case the timeline is not adhered to then income tax department may levy penalty of 50% of tax payable in case where the income is under-reported. And in case the mistake for return filed for FY 2017-18 i.e. for a belated return has been discovered after the deadline of March 31, 2019 then you cannot make the revision in respect of that mistake.

GoodReturns.in