Income Tax Alert: Every earning individual must file Income Tax Return (ITR), if the income is above Rs 2.5 lakh per annum.

Income Tax Alert: An earning individual must file Income Tax Return (ITR), if income is above Rs 2.5 lakh per annum. According to the tax and investment experts, if someone is earning above the basic income tax slab means Rs 2.5 lakh, the earning individual will have to file the ITR to claim the income tax exemption for income up to Rs 2.5 lakh to Rs 5 lakh. So, even while opting for the new income tax slabs option given by the Finance Minister Nirmala Sitharaman in the Union Budget 2020, ITR will have to be filed if income is more than Rs 2.5 lakh.

However, it has been found that after ITR filing, if an income taxpayer wants to change something, the Income Tax Department allows the filing of a revised one.

Speaking on the revised income tax return; CS Sudheer, CEO and founder of IndianMoney.com said, "If you find an omission or a wrong statement in the original ITR, make a correction by filing a revised income tax return in the e-filing portal. You can file the revised return any time before the end of the relevant assessment year or before the completion of the assessment, whichever comes earlier."

CS Sudheer listed out the following step by step guide to filing revised returns online:

1] Visit the Income Tax e-filing portal, www.incometaxindiaefiling.gov.in;
2] You then login to the e-filing portal by entering the PAN (User ID), Password, Captcha and then click ‘Login’;
3] Click on e-file menu and then click the ‘Income Tax Return’ link;
4] On income tax return page:
a) The PAN gets auto-populated;
b) Select ITR Form Number and Assessment Year;
c) You then select ‘Filing Type’ as Revised Return;
d) You then select ‘Submission Mode’ as ‘Prepare and Submit Online’;
e) You find the Online ITR Form under the ‘General Information’ Tab. You must choose ‘Return Filing Section’ as ‘Revised Return under Section 139(5)’ and ‘Return filing type’ as ‘Revised’;
f) You then enter the acknowledgment Number and Date of filing of the original return. (It is compulsory to enter the 15 digit acknowledgment number when filing revised ITR); and
g) You fill or correct relevant details of the online ITR form and then submit the ITR.

Finally, e-verify the ITR returns for faster processing and refunds or send ITR-V through normal/speed post to Centralized Processing Center, Income Tax Department, Bengaluru – 560500.