Income Tax Returns are filed in order to do a self-assessment of the taxes paid by you during the financial year. It will also ensure that any excess tax paid during the assessment year are returned to you. If there is excess amount, the Income Tax (I-T) Department will refund the amount to your linked bank account.
If you made a mistake in the original filing of Income Tax Return – such as giving the total salary amount instead of taxable income or missing a home loan EMI payment, you have a chance to rectify it by filing Revised I-T Return. However, this is subject to the following conditions:
- The original return was filed on time, i.e. before July 31 of a given year;
- The department has not completed assessment of your I-T Return;
- The mistake in the original return is a genuine one.
The revisions should be made before the end of 1 year from the assessment year-end (i.e. before March 31, 2016) or before your filings are assessed by the I-T department, which may take up to 6 months from the time you filed your ITR the first time.
E-filing Revised I-T Return:
You don’t need to run behind an income tax lawyer or CA to file your Income Tax Return or Revised Return. You can do it online. However, you can file the revised return online only if you had filed the original return online. If your original return was filed physically, then you should file the revised return also physically.
For filing I-T Return online, you need to log into the Income Tax e-filing portal and follow the below instructions.
The first thing you’ll require is the Income Tax Return-Verification (ITR-V) Form from the original return filing. A copy of this, along with the acknowledgement number and filing date of the original IT Return (which can be found in the ITR-V or in the I-T department’s e-filing portal if you filed your original ITR online), are needed for you to file a Revised Return.
- Once you have these details, log in to the Income Tax e-filing portal.
- On the top left menu, select the ‘Quick e-file’ option.
- Choose the assessment year and address, and submit the selection.
- On the following page, after reading the instructions, fill the first section with your personal information.
- Under ‘Filing Status’ in the second section, choose the employer category and return-related information.
- In column A21, 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’.
- In column A24, fill in the acknowledgement number of original ITR and the date when the return was first filed.
- In the following pages, fill in the correct details of tax exemptions and income as per the original return. Submit the form.
- Print the ITR-V of the revised return and sign this ITR-V. Send it, along with the ITR-V of the original return to the Central Processing Centre (CPC) in Bengaluru. The CPC should receive the ITR-V within 120 days of filing ITR.
Before you file Revised ITR, Remember These!
- File your revised return in the same mode as you filed the original ITR. If you filed the original return physically then you cannot file the revised return online.
- If your original return was filed after the due date (July 31), then you cannot file a revised return.
- If the I-T Department has already processed your original ITR then you cannot file a revised ITR.
- You can revise your return as many times as you want, but remember that multiple filings will indicate discrepancies in your account and may lead the I-T Department to suspect you.
- You can refile your ITR only if the mistakes made in the original are unintentional. If you are re-filing the return after an assessor from the I-T Department caught you up on it, it is not valid.
- If the omission in the original ITR is found in any way to be wilful hiding of income or lies regarding investments or income in order to evade tax, then you will have to pay heavy penalty.
- Chances of you being fined are higher if there is a discrepancy in the income declared in the original and revised ITRs.
You can avoid having to refile your Income Tax Return by ensuring that the first time you file ITR, it is done correctly. Refiling could invite unnecessary questions from the I-T Department. However, if the mistake or omission in your original ITR was not purposeful or premeditated, you should take advantage of the chance provided by the I-T Department of re-filing the ITR.