1) When you file an income tax return at the last minute, there is a high probability of errors. If you are one of those, who missed something or made some mistake in ITR and discovered it later on, do not panic.
As per section 139(5) of the Income-tax Act 1961, if any person furnished a return of income and later discovers any omission or wrong statement in ITR, such person can file a revised return to rectify such errors.
Time to file a revised return:- Before the end of the relevant assessment year or before completion of the assessment, whichever is earlier.
Last date of filing revised return for A.Y 2021-22:
The last date of filing a revised Income Tax Return for A.Y 2021-22 is 31st March 2022 or before the completion of the assessment, whichever is earlier.
Also Read: FAQs on Revised Income Tax Return
2) Common errors in filing ITR:
- Incorrect personal and banks information,
- Selecting wrong ITR Form,
- Missed any income or deductions,
- Mismatch of income between the ITR and 26AS, AIS (Annual Information Statement),
- Missed to report exempted income, etc.
3) Steps to file a revised return:
- Login to www.incometax.gov.in Portal.
- Check Filed ITR Status: Go to – E-file > Income Tax Return > View Filed Returns, if the status of your return shows “Processed”, then it cannot be revised. However, For F.Y 2020-21, a person, whose return has already been “processed”, can file a revised return, because the Annual Information Statement (AIS) was not available earlier.
- Open Online ITR Form: Go to – E-file > Income Tax Return > File Income Tax Returns, then select the assessment year, ITR form number, Filing type (original or revised return).
- Acknowledgment Number: Now enter the acknowledgment Number and Date of filing the original return. (15 digit Acknowledgment number of original return will be auto-populated)
- Correct Details: Now, fill in correct details considering the errors done in the original return.
- Verify the return: Finally, e-verify the returns for faster processing.
4) Fee & Penalty: There is no fee and penalty for filing a Revised Return.