Return filing season is almost to the end, and many people are facing glitches in IT portal.
If you were not able to disclose your entire income matching with AIS or not able to show your whole actual declarations to claim your deductions, IT departments gives us a second chance of filing the Revised return.
Due date of Filing Revised return:-
A Revised Return can be filed before the last date of filing the return (31st December) or before the completion of the assessment, whichever is earlier
So for the financial year 2022-23 the last date for filing a revised return is 31st December 2023 provided the assessment of the original return has not been completed before that date.
What are the Instances where Revised return can be filed:-
a. Correction of Errors: If you realize that you have made an error or omission in your original ITR, such as reporting incorrect income, deductions, or any other information, you can file a Revised Return to correct those errors.
b. Missed Reporting: If you inadvertently omitted certain income sources or failed to include certain deductions or exemptions in your original ITR, you can file a Revised Return to include those missed details.
c. Changes in Tax Calculation: If there are changes in the tax laws, rules, or tax rates that affect your tax liability after you have filed your original ITR, you can file a Revised Return to incorporate those changes in your tax calculation.
A Revised return u/s 139(5) can be filed if we file the original return u/s 139(1) or if we file a belated return u/s 139(4). Revised return replaces the original return/Belated return and can be filed any number of times.
Now let’s understand the steps of filing Revised return in IT portal.
Step1: Log in to the Income Tax e-filing portal.
Step2: On the top left menu, select the ‘ e-file’ option.
Step3: Choose the assessment year and address, and submit the selection.
Step4: On the following page, after reading the instructions, fill the first section with your personal information.
Step5: Under ‘Filing Status’ in the second section, choose the employer category and return-related information.
Step6: In column A19, you need to choose ’17 – revised return – 139(5)’ because you are filing revised return. Make sure the box below it is set to ‘Revised’.
Step7: Fill in the acknowledgement number of original ITR and the date when the return was first filed.
Step8: In the following pages, fill in the correct details of tax exemptions and income as per the original return. Submit the form.
Chances of scrutiny under revised return is higher, so we need to be careful and file revised return only under genuine circumstances.