How to revise the Income Tax returnSometime, after submission of the return, the taxpayer may feel that there are factual inaccuracies in the return which he/she has filed. In that case, the tax-payer may revise the return. In this thread, I am trying to mention the process of revising the return.
In case the tax-payer detects the inaccuracy before the verification of return (before submitting ITR-V), then it is very easy to rectify the mistake. In that case, the taxpayer is simply required to go the site, correct the return, and then verify the same by filing ITR-V.
In case the inaccuracy is detected after submission of ITR-V, then also the tax-payer can rectify the mistake. For the current assessment year, the rectification can be done till 31st March, 2019. For rectification in such case, the revised return must be prepared and filed under Section 139(5) and indicating the Acknowledgement Number of the original return (which was/is erroneous).
It must be remembered that the revised return can be filed any number of times within the current assessment year. However, in case of rectification/revision of return, it is advisable to take the help of a tax consultant.