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  • Category: Miscellaneous

    How to revise the Income Tax return

    Sometime, 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.
  • #643961
    Yes. It is true. We can revise our ITR if we have any required corrections. Last Year ie 2016-17, I have submitted my tax return. But later on, some corrections were observed. Then I have taken the help of a tax consultant and revised the same. It is not difficult. But I have done it before the last date of submission of ITR that is 31.7 2017. Many people will be doing this as this may be required to make last minute changes to avoid any mistakes and future problems.
    always confident

  • #643992
    That is why it is better to take the suggestion of chartered accountant or financial expert in this regard before paying the tax or filing the tax return V with with authorities.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #644000
    Nice information by the author and will be helpful to those who have done some mistake and now want to revise it.

    In fact, this is a great facility that we can revise it to correct our mistakes.

    Knowledge is power.

  • #644025
    Nowadays many external websites provide revision facility so It is very easy and you do not need account in Government efiling website. Since deadline of filing extended it is good chance to do revision if necessary. Good information by author.
    Life Is Beautiful

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