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Filing the income tax is easier and more precise when you have the knowledge about the basic questions like, When to file an income tax? And How to file income tax e-returns? Let us learn more about filing revised income tax returns under Section 139(5) in the F.Y 2020-21 and AS 2021-22.
Filing of income tax returns might be difficult for many taxpayers. Though they are careful when filing their returns, they might commit some mistakes or forget to mention an income in their return. If there are any mistakes with respect to your income tax filing, the Income Tax Department allows you a second chance to rectify such mistakes and file a correct return. You can make revisions in your income tax returns as per the provisions of Section 139 (5) of the Income Tax Act, 1961. Let’s understand what a revised income tax return is and how you can file it –
Section 139 (5) of the Income Tax Act, 1961 allows taxpayers to file a revised income tax return if they have made mistakes in the returns which were filed earlier. Such mistakes can be due to the following reasons–
In these and other cases of mistakes committed by the tax-payer, the facility of a revised income tax return is allowed by the Income Tax Act. When the taxpayer corrects the errors and refiles his income tax return, it is called a revised income tax return.
Any taxpayer who has already filed his/her income tax returns can revise and refile an income tax return. Even if the return is filed after the due date, which is called a belated income tax return, a revised income tax return can be filed on such belated returns.
Now that filing of income tax returns is done online, revised returns can also be filed online through the e-filing website of the Income Tax Department. In such cases, the steps to e-file your revised income tax returns are as follows –
There is a time duration within which the revised income tax return should be filed. This duration is earlier of the following –
So, for the financial year 2020-21, if you have to file a revised income tax return, the revised return should be filed either before completion of assessment or before 31 December 2021, whichever is earlier.
Note:
Prior to FY 2017-18 (AY 2018-19), revised return could be filed till; before the expiry of 1 year from the end of relevant AY.
This means, revised return for AY 2017-18 (FY 2016-17) can be filed till earlier of 31st March, 2019 or completion of assessment.
Ans - If there are minor changes in your revised return like change of bank account details, personal details, etc. there would be no consequences of filing a revised return. However, in case of undeclared income or other important rectification done on the revised return, the tax department might pick up the change and the tax filed in the earlier return might be taken up for scrutiny.
If you are filing a revised income tax return, here are the things which you should remember –
No penalty or charge is levied by the income tax department if you file a revised income tax return. So, if you have made mistakes in filing your income tax return given the technicalities involved, don’t be afraid. You can file a revised return and correct any errors which you have made. If you don’t file a revised return and there are any mistakes, the income tax department would issue you a notice stating your mistakes. If you are eligible for any income tax refund, the refund would not be allowed till a revised return is filed. So, revise your income tax returns if required and file a correct return.
You can correct your income tax return by filing a revised income tax return.
Yes, any taxpayer can file a revised income tax return before 3 months in the completion of the assessment year or before the end of the assessment of the return, whichever is earlier.
The revised return for assessment year 2020-21 can be filed,on or before 31 December 2021 or completion of assessment of the original return, whichever is earlier. Take expert help to avoid further delays.
If the revised return has any errors, you can file another revised return within the specified time limit to correct them.
Yes, the revised ITR also needs to be e-verified to complete the tax filing process.
You can revise your income tax returns as many times you want. The income tax department does not specify the number of times a return can be revised. It is recommended to file revised return (if required) only once, with all the revisions needed to be covered.
As per Section 139(5), an assessee can file a revised return 3 months before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
A defective return can be corrected by filing a revised return.
Person who files the original tax return on or before the due date can file the revised income tax return.
Yes, a revised income tax return would substitute the original income tax return completely. Thus, once the revised return is filed, it would be considered to be the final income tax return of the taxpayer.
consequences of filing a revised ITR are as follows:-
As per Section 139(5), revised return can be filed earlier of 3 months before the Completion of the relevant assessment year or completion of assessment.
139 is return of income. delete this question as we had guide for all sub sections of 139.
Yes, the revised return can be filed after 143(1).
No there is no penalty for filling revised return.
Yes ITR can be revised within a stipulated time limit laid in section 139(5) i.e., earlier of 3 months before the Completion of the relevant assessment year or Completion of assessment.
Submission of revised return is simple and depicted in our guide above, please refer the same and in case a expert assistance is required, tax2win will be happy to assist you, please click here for the same.
Cancellation of a filed document is not possible however in case if revised return has some errors then it can be again revised subject to time limit specified under section 139(5).
It depends upon the details with which original return was filed, the errors presented in that original return and Complexities are involved in ITR form i.e., form type.
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