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1. Filing Income Tax Returns at the last minute can lead to unwanted errors being made. If you are the one, who missed something or made a wrong statement in it and discovered the mistake after filing the income tax return, not to worry.

1.1 Income-tax Act, 1961 allows you to rectify the mistakes by filing a revised income tax return. The last date of filing revised ITR for AY 2021-22 is 31st March 2022 or before the completion of the assessment, whichever is earlier.

1.2 It is recommended not to wait till 31st March 2022 for filing the revised return as once I-T Department finishes the assessment that would be the last day to revise your return.

2. COMMON ERRORS IN FILING ITR: The common errors in filing ITR which can be corrected by filing Revised Return includes wrong bank details, Incorrect personal information, selecting wrong ITR Form, mismatch of income between the ITR and 26AS, Missed income or deductions, Missed to report & Carry forward losses, etc.

3. STATUTORY PROVISION: If any person, having furnished original return discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier- Section 139(5) of Income Tax Act 1961.

4. LAST DATE OF FILING REVISED ITR: The last date of filing revised ITR is December 31 of the relevant assessment year. Due to the outbreak of Covid-19, the government has extended the last date of filing revised ITR for FY 2020-21 to March 31, 2022, from the normal deadline of December 31, 2021.

5. STEPS TO FILE REVISED RETURN

(a) Login to the portal www.incometax.gov.in

(b) Status Check: First of all, check the status of your original filed return on the portal. The path is – e file > Income Tax return > View Filed Returns. If the status is indicating return processed, it cannot be revised.

However, For FY 2020-21, the option to revise the return is available even for the taxpayers whose return status is showing “Processed.“The reason may be that by the time AIS (Annual Information Statement) is made available on the portal, many taxpayers have already filed their returns. It is expected of them to revise the return based on information available in AIS.

(c) Acknowledgment Number: 15 digit Acknowledgment number / Receipt No. of original return will be auto-populated and filed u/s 139(5) will be highlighted.

Receipt No. & Acknowledgment number is the same. The path for TAB filing Status is the same as in the case of the original ITR

(d) Now, fill in correct details considering the errors done in the original return and just file the return as the original one was filed. The process of filing a revised ITR is the same as filing an original one.

(e) Verify the return: Once you have filed your revised ITR, ensure that you have verified the same. The income tax department will not accept your revised tax return unless it is verified. Even if your original return is not e-verified and you try to file a revised ITR, it will show an error. First E verifies the original return and then files the revised one.

(f) Validate the Revised Return Validation is a must even for filing a revised return. You cannot proceed to submit a revised return until it has been validated.

6. On receiving this revised return, the Income Tax Department searches for the original return which is retrieved using the 15 digit acknowledgment number. It then replaces the previously filed return with the newly revised return.

7. FEE & PENALTY There is no fee and penalty for filing a Revised Return.

File Revised Income Tax Return For AY 2021-22

8. OTHER RELEVANT POINTS :

(a) The Revision can be done either in the same ITR Form in which the original return was filed or in a different ITR Form.

(b) There is no limit for the number of times you can file a revised return provided it is within the prescribed time limits. However, a returns revised number of times have a higher chance of landing a scrutiny letter from the I-T department.

(c) Belated return can also be revised.

(d) You can revise your income tax return even if you have received Income Tax Refund. Receipt of refund does not mean that your assessment is complete. For income tax refund, intimation under Section 143(1) is sent which is different from Assessment as mentioned above.

(e ) Revised return can be filed even after receiving intimation u/s 143(1)

(f) ITR can be revised on receipt of notice under section 148 as it is provided u/s 148 that for such return all the provisions of section 139 shall apply. If the ITR is revised before the notice under Section 148 is issued, then there is no penalty.

9. FREQUENTLY ASKED QUESTIONS :

Q: I have filed the original return and paid the tax also. where shall I adjust the taxes paid when filing the revised Return.

Ans Enter the detail of such payment under the TAB Taxes paid > Self Assessment tax paid.

Q: Whether I need to adjust the amount of refund received from the originally filed return?

Ans: No. The refund paid to you will be adjusted at the time of processing the revised return.

10. CONCLUSION: It is strongly recommended that if any mistake is discovered after filing the original return, rectify the mistake yourself by filing a revised return rather than waiting for the Govt to send a notice.

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Disclaimer: The article is for information purposes only.

The author can be approached at [email protected]

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