sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Indirect Tax »
  Indirect tax evasion cases post a decline in FY18-19
 Income tax return revision: How many times can a return be revised? Find out
 CBDT notifies new I-T return forms
 Here are the key changes in tax rules to come into effect from today
 GST revenue growth in 2018-19 to match last 10 years’ indirect tax growth, says SBI report
 Things You Should Know Before Filing Your Income Tax Returns (ITR)
 All education loans do not get income tax benefits
 FM Arun Jaitley to focus on direct and indirect taxes
 Income Tax For Individuals – Assessment Year 2019–20
 States set separate dates to implement e-way bill
 What are direct and indirect taxes?
 Indirect transfer conundrum continues

Income tax return revision: How many times can a return be revised? Find out
August, 21st 2018

Income Tax Return: When it comes to revising your tax returns, you may have many questions related to it.

Only 10 days are left for you to file income tax return for the assessment year 2018-19 (financial year 2017-18). The last date for filing the returns is August 31, 2018. Since the deadline is just around the corner and if you do not accomplish the task on or before August 31, you will have to pay a fine of Rs 5,000. Filing returns on time not only saves you from the hefty penalty but also gives you time to revise your tax return, in case you have made any mistake.

When it comes to revising your tax returns, you may have many questions related to it. Here are some of them and their answers:

Q. Is there any charge for revising income tax return?
Ans: No, if you have filed your income tax returns on or before the due date, you are eligible to revise/correct it free of cost. Earlier, it was not allowed to file a revised return for late filers. However, from April 1, 2017, the income tax department has allowed revised returns even for those who have filed their returns after the due date.

Q. How many times can a return be revised?
Ans: You need to revise your return if you have noticed any mistake or you think you have made a mistake while filing the returns. You can revise your returns until you file a correct one, however, this should be done within the prescribed time limit. Here are the key points for filing your revised return:

* If a person after furnishing the return finds any mistake, omission or any wrong statement, then return should be revised within the prescribed time limit.

* A return can be revised before the end of the Assessment Year or before the completion of the assessment; whichever is earlier. (w.e.f A.Y 2018-19)

* However, for the earlier Assessment Years preceding to the Assessment Year 2018-19, a return can be revised before the expiry of one year from the end of the Assessment Year or before the completion of the assessment by the Department; whichever is earlier. (till A.Y 2017-18).

* If the original return has filed in paper format or manually, then technically it cannot be revised by online mode or electronically.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions