Income tax return revision: How many times can a return be revised? Find out
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.
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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.
* Revised return can be filed online under Section 139(5).