Revised Income Tax Return (ITR) is a way for taxpayers to correct errors or omissions in the original Income Tax Return (ITR) they filed. The Income Tax Department allows taxpayers to revise their Income Tax Return (ITR) within a certain timeframe, usually before the end of the assessment year or before the assessment is completed, whichever is earlier. In this article, we’ll take a closer look at the concept of Revise ITR, its benefits, and how to file a Revised ITR.
Why would you need to revise your ITR?
There are many reasons why taxpayers might need to revise their Income Tax Return (ITR). Some of the most common reasons include:
- Error or omission: If you made an error or omission while filing your original Income Tax Return (ITR) you can revise it to correct the mistake. For example, if you accidentally entered the wrong income figure, you can revise your Income Tax Return (ITR) to reflect the correct income.
- Addition of income: If you forgot to include income from a particular source in your original Income Tax Return (ITR), you can revise it to include the additional income. For example, if you received a bonus after filing your Income Tax Return (ITR), you can revise it to include the bonus income.
- Claiming additional deductions: If you forgot to claim a deduction or made an error while claiming deductions in your original Income Tax Return (ITR), you can revise it to claim the correct deductions. For example, if you forgot to claim a deduction for the premium you paid for your life insurance policy, you can revise your Income Tax Return (ITR) to claim the deduction.
Benefits of revising your ITR
There are many benefits of revising your ITR, including:
- Correcting errors: The primary benefit of revising your Income Tax Return (ITR) is that you can correct errors or omissions in your original ITR. This can help you avoid penalties and fines.
- Claiming deductions: Revising your Income Tax Return (ITR) can help you claim deductions that you might have missed in your original Income Tax Return (ITR). This can reduce your tax liability and help you save money.
- Avoiding scrutiny: If you revise your Income Tax Return (ITR) to correct errors or omissions, you reduce the chances of the Income Tax Department scrutinizing your return. This can save you time and hassle.
How to file a revised ITR
If you need to revise your ITR, here’s how you can do it:
Step 1: Log in to the income tax e-filing portal
To revise your ITR, you first need to log in to the income tax e-filing portal.
Step 2: Click on the ‘e-file’ tab
Once you have logged in to the income tax e-filing portal, click on the ‘e-file’ tab. From there, click on the ‘Income Tax Returns’ option.
Step 3: Select the appropriate assessment year
In the ‘Income Tax Returns’ section, select the appropriate assessment year for which you want to revise your ITR. You can only revise ITRs for the past two assessment years.
Step 4: Select the appropriate form
Once you have selected the assessment year, you need to select the appropriate form for revising your ITR. The form you choose will depend on the type of ITR you filed originally.
Step 5: Choose the ‘Revised Return’ option
Once you have selected the appropriate form, you need to choose the ‘Revised Return’ option. This will allow you to revise your ITR.
Step 6: Fill in the Details
Once you have chosen the ‘Revised Return’ option, you can start filling in the details. Make sure to fill in all the details accurately and correctly.
Step 7: Submit the revised ITR
After filling in all details in Income tax return form, you can file revised ITR on the efilling portal of income tax.
It is important to note that not all types of ITR can be revised. ITRs that are filed under Section 139(1) or Section 139(4) can be revised. However, ITRs that are filed under Section 139(9) or Section 139(5) cannot be revised. Section 139(9) pertains to ITRs filed in response to a notice from the Income Tax Department, while Section 139(5) pertains to belated ITRs filed after the due date.
In conclusion, filing a revised ITR is a crucial step in ensuring that a taxpayer’s tax returns are accurate and up to date. It is essential to review the original ITR carefully and make any necessary changes as soon as possible to avoid penalties and legal complications. It is also important to keep all necessary documentation, such as proof of income, expenses, and deductions, as these may be required during the assessment process.
