LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Personal Finance News

Income tax returns (ITR) filing: Made a mistake? This is when and how to file revised return

It is not uncommon for taxpayers to commit errors or miss out on important information while filing tax returns. Income-Tax laws provide for a mechanism to correct these mistakes by allowing you to file a revised return. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Income tax returns (ITR) filing: Made a mistake? This is when and how to file revised return
Returns can be revised to correct errors that might have crept into the earlier return filed or to include information that had been inadvertently missed out earlier. Representational Image, source: Reuters
Written By: ZeeBiz WebTeam
Updated: Thu, Aug 16, 2018
01:45 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Income Tax Return (ITR) filing: From dearness allowance to cash for marriage, holidays - 11 financial benefits that are taxable Income Tax Return (ITR) filing: From dearness allowance to cash for marriage, holidays - 11 financial benefits that are taxable
Income tax returns benefit: Gift your way to saving tax, spread festive cheer among kin Income tax returns benefit: Gift your way to saving tax, spread festive cheer among kin
Income tax return (ITR): Beware! Did you make these mistakes? How not to lose money Income tax return (ITR): Beware! Did you make these mistakes? How not to lose money
Income tax returns (ITR) filing: Taxpayers may lose this benefit Income tax returns (ITR) filing: Taxpayers may lose this benefit
Income tax returns (ITR) filling: Govt extends deadline for assessees in Kerala Income tax returns (ITR) filling: Govt extends deadline for assessees in Kerala

It is not uncommon for taxpayers to commit errors or miss out on important information while filing tax returns. Income-Tax laws provide for a mechanism to correct these mistakes by allowing you to file a revised return. Let us understand how to file a revised return.

When can a return can be revised
Returns can be revised to correct errors that might have crept into the earlier return filed or to include information that had been inadvertently missed out earlier.

Some scenarios where a return can be revised are as follows:
* Personal details have been incorrectly mentioned in the earlier file return
* Bank account details have been incorrectly mentioned. This detail assumes higher significance if you have a refund due
* Have missed to disclose an income received during the financial year because it is tax exempt. Non-disclosure of exempt income is incorrect. Ideally, you must disclose income and then claim the exemption in the return itself. In fact, there is a separate schedule where you have to provide details of all exempt income
* Missed claiming applicable deductions. For example, a taxpayer paid premium of Rs 28,000 towards a medical policy taken for senior citizen parents. He is eligible to claim a deduction under Section 80D of Rs 30,000 (Rs 50,000 with effect from April 1, 2018) which he missed claiming. He can revise his return to claim this deduction
* Missed claiming credit for taxes deducted at source

A revised return has to be filled in the same manner as the original return. The only changes would be:
* Revised return would include corrections carried out
* It will also include details of the earlier return filed, such as, filing date and acknowledgment number

Time limit
A revised return for Assessment Year (AY) 2018-19 must be filed on or before the end of the AY, that is, on or before 31 March 2019. However, for returns filed prior to AY 2018-19, there was a time limit of one year from the end of the AY, that was available for revising the returns.

There is no restriction on the number of times a return can be revised, as long as it is within specified date for revising the return. However, multiple revisions may attract the attention of the I-T authorities. Returns that have been filed and also processed by the I-T department can also be revised as long as it is done within the prescribed timeline.

Watch this Zee Business video

Just as original returns, revised returns can also be filed either online or manually. Be careful while filing the original return, because revision may invite unnecessary questioning even in case of genuine errors.

By Archit Gupta 
(The writer is founder & CEO at ClearTax)

Source: DNA Money

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Income Tax Returns (ITR) filing
RELATED NEWS
Income Tax Return (ITR) filing: From dearness allowance to cash for marriage, holidays - 11 financial benefits that are taxable Income Tax Return (ITR) filing: From dearness allowance to cash for marriage, holidays - 11 financial benefits that are taxable
Income tax returns benefit: Gift your way to saving tax, spread festive cheer among kin Income tax returns benefit: Gift your way to saving tax, spread festive cheer among kin
Income tax return (ITR): Beware! Did you make these mistakes? How not to lose money Income tax return (ITR): Beware! Did you make these mistakes? How not to lose money
Income tax returns (ITR) filing: Taxpayers may lose this benefit Income tax returns (ITR) filing: Taxpayers may lose this benefit
Income tax returns (ITR) filling: Govt extends deadline for assessees in Kerala Income tax returns (ITR) filling: Govt extends deadline for assessees in Kerala

LATEST NEWS

Mid-Cap Picks with Anil Singhvi: JB Chemicals, Jindal Saw and KEC International are stocks to buy

Alert! WhatsApp may stop working on these smartphones | Is your phone on list? Check details NOW

Rajasthan University exams 2021 to begin on THIS date—check new exam duration, Covid 19 guidelines and other changes

Gold Price Outlook – Gold falls by Rs 280 on Monday, Silver falls by Rs 128; expert see bounce back, recommends buy on dips

Easy Trip Planners IPO open for subscription, Anand Rathi says buy

MTAR Technologies IPO Subscription details: Retail investors expect bumper listing

Quotes: Meghan and Harry on racism in UK royal family, suicidal thoughts and walking away

7th Pay Commission: After family pension, Modi government BIG relief on DA for central government employees likely soon, pensioners to benefit too

25 per cent DA for central government employs from April? What does this 7th Pay Commission benefit mean, how it helps pensioners? EXPLAINED

Stocks in Focus on March 8: Easy Trip planners IPO, Adani Ports, BEML to Religare; here are the 5 Newsmakers of the Day

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved