Q-1 How many times can I revise the return?
Ans: – A person can revise a return multiple times, but the return should be revised within prescribed time limits. As per section 139(5) of the Income Tax Act 1961, a return can be revised at any time before three months from the end of the relevant assessment year or completion of the assessment, whichever is earlier.
Q-2 What changes can be made in the revised return?
Ans: – Revised return helps you to rectify errors such as omission or making the wrong statement in the original return.
Q-3 is there any penalty for revision of return?
Ans: – There is no penalty for revising your Income Tax Return within the prescribed time limit. (3 months before the end of relevant assessment year or completion of the assessment, whichever is earlier)
Q-4 Is a revision of the return different from rectification?
Ans: – Return is revised when you omitted anything or made a wrong statement in the original return. On the other hand, the rectification of return can be made when you receive intimation from the Central Processing Centre (CPC) of the Income Tax Department.
Q-5 Can we claim the deduction in the revised return?
Ans: – As mentioned under section 139(5) of the Income Tax Act 1961, if any person omitted any things at the time of filing ITR, then such person can rectify such errors by filing a revised return.
Therefore, the deduction can be claimed in a revised return.
Q-6 What is the time limit for filing a revised return of income?
Ans: – As per section 139(5) of the Income Tax Act 1961, a return can be revised at any time before three months from the end of the relevant assessment year or completion of the assessment, whichever is earlier.
Q- 7 How to file a revised return of income?
Ans: –
- Log in to www.incometax.gov.in Portal.
- After logging in, Go to – E-file > Income Tax Return > View Filed Returns.
- On the next page, select the assessment year, Mode of filing, 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.