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In a rush to file ITR before the due date, a lot of taxpayers, end up making mistakes while filing the tax returns online. For instance, you might not have declared interest income, selected the wrong ITR form or made a mistake while entering your bank account number.If you do find out that you have made a mistake after you have already done income tax filing online , you do have the option to rectify it by filing a revised ITR. Let us have a look at what revised ITR is and how you can file it.
What Is a Revised ITR (Income Tax Return)?
Under Section 139(5) of the IT Act, taxpayers are allowed to file a revised ITR in case if they have made an error at the time of filing tax returns. Filing a revised ITR is nothing but the process of rectifying the mistake and filing the returns again.The revised tax returns too can be easily filed online, and the filing process is almost similar to filing the original ITR. Also, there is no limit on the number of times you can file a revised ITR.
How to File a Revised ITR?
As mentioned above, filing a revised ITR is similar to filing the original ITR. But one major difference here is in the ‘Returns Filed Under’ column, this time you need to select ’17-Revised u/s 139(5)’ option.You will now be asked to enter details of your original ITR, including returns filing date and receipt number. Make sure that you file the tax returns very carefully and give special attention to the mistake you made in the original ITR. Once the filing is done, you now need to verify the revised ITR.
How to Verify Revised ITR?
The IT department will not accept the revised ITR if you fail to verify it. This process too is similar to the e-verification process that you might have followed for verifying your original ITR. It can be done online with the help of Aadhar OTP, net banking, bank account, or Demat account. Once e-verification is done, your revised ITR would be successfully submitted to the tax department.
Filing Revised ITR
As you can see, the whole process of filing revised ITR is very simple. However, it is wise to not wait for the returns filing due date, which is the biggest reason why people make mistakes in their tax returns.File tax returns at least a few weeks before the due date so that you have adequate time to file the tax returns carefully. Also, make sure that you cross-check every detail before submitting it.
FAQS - FREQUENTLY ASKED QUESTIONS
How to check the status of the revised tax return ?
To check the status of a revised tax return, you can follow these steps:
Visit the income tax e-filing website athttps://www.incometaxindiaefiling.gov.in/.
Log in to your account using your PAN (Permanent Account Number) and password.
Once you have logged in, go to the "Dashboard" tab and click on the "View Returns/Forms" option.
Select the relevant assessment year and click on "Submit".
Under the "Status" column, look for the status of your revised return. If the status is "Processed", it means that your revised return has been processed by the Income Tax Department.
If your revised return has not yet been processed, the status may show as "Submitted" or "Pending".
If you want more information about the status of your revised return, you can click on the acknowledgment number to view the details of your return.
What if the revised return is not verified ?
If a revised return is not verified, it will not be considered valid by the Income Tax Department. The process of verification is necessary to confirm that the person filing the tax return is the same as the one whose name appears on the tax return.
To verify a revised tax return, you need to e-verify it using one of the following methods:
Aadhaar OTP: You can use your Aadhaar card to generate a one-time password (OTP) and use it to e-verify your revised tax return.
Net Banking: You can log in to your net banking account to e-verify your revised tax return.
EVC (Electronic Verification Code): You can generate an EVC using your registered mobile number or email address and use it to e-verify your revised tax return.
Demat Account: If you have a demat account, you can use it to e-verify your revised tax return.
It is important to note that if you do not verify your revised tax return within 120 days of filing it, it will be considered invalid, and the original tax return will be treated as final.
What if we file the revised return after ITR is processed ?
If a taxpayer files a revised return after the original Income Tax Return (ITR) has already been processed by the Income Tax Department, the revised return will be treated as a belated return. The belated return will be subject to the same rules and regulations as a regular belated return, including potential penalties and late fees.
Under Section 139(4) of the Income Tax Act, 1961, a belated return can be filed within one year from the end of the relevant assessment year. For example, for the assessment year 2021-22, the belated return can be filed by March 31, 2023. However, there are consequences to filing a belated return, including:
Penalty: A penalty of up to Rs. 10,000 can be levied for filing a belated return. The amount of penalty may vary based on the taxpayer's income and the time delay in filing the belated return.
Loss of Interest: In case of a belated return, the taxpayer will not be eligible to receive any interest on the refund, if any, for the period between the end of the financial year and the date of filing the belated return.
Limited Time to Carry Forward Losses: A belated return can also limit the taxpayer's ability to carry forward losses to the subsequent financial year. As per Section 80 of the Income Tax Act, losses can only be carried forward if the return is filed on time.
What is the penalty for revised return filing ?
The Income Tax Department allows taxpayers to file a revised return in case they have made any errors or omissions in their original return. However, there may be penalties associated with filing a revised return, depending on the circumstances.
Under Section 139(5) of the Income Tax Act, 1961, a revised return can be filed before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. If a taxpayer files a revised return, they may be subject to the following penalties:
Late filing fee: If the revised return is filed after the due date (i.e., the end of the relevant assessment year), a late filing fee may be levied. The late filing fee for returns filed after the due date but before December 31 of the assessment year is Rs. 5,000. For returns filed after December 31, the late filing fee is Rs. 10,000. However, if the total income of the taxpayer does not exceed Rs. 5,00,000, the late filing fee is restricted to Rs. 1,000.
Interest on tax payable: If the revised return results in additional tax liability, the taxpayer may be required to pay interest on the outstanding tax amount. The interest is calculated at the rate of 1% per month (or part of the month) from the due date of filing the original return till the date of payment of the tax.
Prosecution: In case of wilful non-disclosure of income or any other fraudulent activity, the taxpayer may be prosecuted under the provisions of the Income Tax Act. The penalty for prosecution can range from imprisonment of 3 months to 2 years and a fine, depending on the severity of the offense.
It is important to note that the penalties for revised return filing can vary based on the taxpayer's income and the extent of the error or omission. Taxpayers are advised to file their revised returns on time and ensure that they are accurate and complete to avoid penalties and other consequences.
Can we file a revised Income Tax Return for previous years ?
Yes, taxpayers are allowed to file revised Income Tax Returns (ITRs) for previous years under certain circumstances. According to Section 139(5) of the Income Tax Act, 1961, a taxpayer can file a revised return for any assessment year before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
So, if a taxpayer has already filed their original return for a previous assessment year, but later discovers an error or omission, they can file a revised return to rectify the mistake. However, the taxpayer must file the revised return within the deadline specified under Section 139(5).
How many times an IT return can be revised ?
As per Section 139(5) of the Income Tax Act, a taxpayer can file a revised Income Tax Return (ITR) multiple times before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. There is no limit to the number of times a taxpayer can file a revised ITR, provided it is within the specified time limit.
However, it is advisable to file a revised ITR only if there is a genuine mistake or omission in the original return. Filing multiple revised returns without a valid reason could attract scrutiny from the Income Tax Department and result in penalties or legal consequences.
Can we file a revised return after e-verification ?
Yes, a taxpayer can file a revised return even after e-verification of the original return. The Income Tax Department allows taxpayers to file a revised return within the specified time limit of the relevant assessment year or before the completion of the assessment, whichever is earlier.
It is important to note that after filing a revised return, the taxpayer must verify the revised return again using the appropriate mode of verification, either electronic or physical, to ensure timely processing of the revised return by the Income Tax Department.
What if ITR is not verified within 120 days ?
If an Income Tax Return (ITR) is not verified within 120 days of filing, it will be considered as an invalid return. The Income Tax Department will not process such returns, and the taxpayer will have to file a revised return to complete the process.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
