To err is human- Even with utmost care while filing tax returns, a lot of people end up making mistakes. From entering the wrong bank account number, claiming an incorrect deduction, to not declaring interest income, several things could go wrong while filing returns.
The IT department understands this as well and allows taxpayers to rectify such errors by filing revised returns. But how many times can one file amended returns? Let us have a look-

What is Revised Returns?

Under Section 139(5) of the IT Act, taxpayers can file revised returns if they find out that they have made a mistake in their ITR. So, filing amended returns is the process of re-filing your tax returns with correct information in case if you have made any mistake in the original returns.

Every taxpayer has the option of filing revised returns. In the past, only taxpayers who filed tax returns on or before the filing due date were allowed to file revised returns. But even people who file returns after the due date can now file amended returns.

What is the Due Date to File Revised Returns?

Earlier, the due date to file a revised return was one year from the end of the relevant assessment year. In other words, taxpayers were given a window of two years from the relevant financial year for filing revised returns.
But as per the current laws, you can only file revised returns until the end of the relevant assessment year. For instance, if you are filing returns for FY 2019-20, you can file revised returns up to 31st March 2021.

How Many Times Can You File a Revised Return?

As long as you are filing revised returns within the due date, there is no limit on the number of revised returns you can submit.
But note that you will have to provide complete details of the original ITR every time you file a revised return.

How to File Revised Returns?

The process to file revised returns is similar to filing original ITR. Just make sure that in the “Return filed under” column, you select “17-Revised u/s 139(5)”.
You will also be required to enter details of the original ITR such as the filing date, receipt number, etc. So, keep these details handy.

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DISCLAIMER

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.



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