You Can Revise Income Tax Return Within The Given Time Limit

You Can Revise Income Tax Return Within The Given Time Limit

You have the option of filing a revised return, if you realize that you missed reporting an income or deduction when you filed your income tax return(ITR) for the previous fiscal. You should have filed the original return before the due date,31 July.

When to file a revised return

You can refile ITR with modifications, if you discover any omission or any wrong statement in your original return. For instance, you may have forgotten to claim tax benefit for a donation made to a charitable organization that qualifies for a deduction under section 80G, or to add the interest earned from one of your saving account to your total income. You can file a revised return stating the changes in such cases. The revised return can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of assessment by the income tax department as per section 139(5) of the income-tax Act, 1961, whichever is earlier. So you can file a revised return till 31 March 2016, if you have already filed your return for financial year 2013-14 (FY14) before the due date, 31 July 2104, but want to make modifications. But you can’t file a revised, if the income tax department has already completed the assessment of your return. If you missed some information then file a revised return at the earliest to avoid interest or penalties.

Way to file a revised return

Returns can be revised offline and online. However an offline return can be revised offline and online return can be revised only by online. One should need the acknowledgement number and date of filing of the original return for an online version. Log on to the income tax department’s website ( www.incometaxdepartment.gov.in ). Then open the excel file wherein you originally filed the return. Now select section 139(5) instead of 139(1). Now taxpayer will be able to make changes. Don’t forget to mention the acknowledgement number and date of the original return. After made the alterations, click on compute tax, generate an XML file by validating each sheet, and then upload this file. When the revised return is filed, download the revised ITR-V or acknowledgement and sign it. You need to send both the original as well as the revised ITR-V by ordinary post or Speed Post to the Central Processing Centre in Bangalore.


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