There are situations when a taxpayer mistakenly files incorrect income tax returns (ITR). The income tax department gives a facility to file revised returns, in case a person forgets to declare a particular income, claim a deduction or commits any mistake while filing the original ITR.
This is done so that the taxpayer is able to file correct returns. If a person files incorrect tax returns then they can be punished for the same under the income tax rules.
It is Section 139(5) of the Income Tax Act, 1961 that gives the provision to taxpayers to file the revised ITR. It can be filed any time before the end of the assessment year or before your assessment is completed by the tax department, whichever happens early. For the assessment year (AY) 2020-21, the ITR can be revised till the end of AY 2022.
There are no charges taken for filing the revised ITR. There is also a benefit for you if you had filed the original ITR before the due date. If you are filing the revised ITR after the due date, you will not face any penalty for the same if your original ITR was filed before the due date.
Even if the taxpayer had filed the original return after paying a penalty for crossing the due date, s/he can revise the original ITR without having to pay the penalty again.
The revised ITR can be filed manually if the original was filed like that and has to be filed online if the original ITR was filed online. Here are steps to file a revised ITR online:
· Visit the website at incometaxindiaefiling.gov.in/home
· Fill in your details and login to your account.
· In Part A- General Information, one has to choose the Revised Return under Section 139(5) option from the drop-down menu.
· Enter the acknowledgement number of your original ITR and the date when you filed it.
The revised ITR can be filed as many times as the taxpayer realises there is any omission is their ITR filing. There is no limit to it and once a revised ITR is filed, the previous ITR becomes nullified
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