Why and How to Revise Your Tax Return?

We are approaching the last date for filing income tax returns (August 31) and most of you might have already filed your ITRs. But what if you realize that you skipped some income or did not take the benefit of investments made or missed some disclosures? Worry not, you can revise your tax returns.

We discuss the when and how to file revised tax return in this post.

When to Revise Tax Return?

You should revise your returns if you want to change/add/delete any information in the original income tax return. For instance you forgot to declare the interest income in Savings bank Accounts or missed to claim benefit for any donation made to approved institutions u/s 80G.

Revise Your Tax Returns - When why & How?
Revise Your Tax Returns – When why & How?

Timelines to Revise ITR?

You can revise returns up to 1 year from the end of respective financial year. So for the present tax return for AY 2019-20, you can revise your returns till March 31, 2020 (Budget 2017 changed this timeline). However, you cannot revise your returns if your Assessing officer has already processed the returns. So in case you need to revise your returns do it at the earliest.

Download: Ultimate Tax Saving ebook with tax calculator FY 2019-20

How to file Revised Tax Returns?

If the original tax return has been filed online, it can be revised online only and if the original return was filed in physical form the revised return too would have to be filed offline.

For revising the tax return online, you will need the 15 digit Acknowledgement number and date of filing of original return.

Download the relevant ITR Form from the Income Tax department Website.

We have shown the example by taking ITR 1 below:

In the “Return Filed under Section” choose “17-Revised u/s 139(5)”. This would automatically change the field for “Whether Original or Revised return” to “Revised”.

How to Revise Your Tax Returns?
How to Revise Your Tax Returns?

Also Read: 13 changes in Income Tax laws in FY 2018-19

Also it will enable two more fields – “If Revised/Defective, then Enter Receipt Number of Original Return” where you need to enter Acknowledgement Number. In “Date of Filing Original Return” you need to enter the date of original return filing.

After completing this form, you need to upload the XML file to income tax department website as you did for original return. Next step is to verify this electronically or send the ITR V to CPC Bangalore.

Once revised return is filed the original return is considered to be withdrawn and replaced by most recent revised tax return.

If you are not comfortable with the Income tax Website, you can revise your returns through third party websites like cleartax, etc by selecting the relevant options about filing revised tax return.

Where to find Acknowledgement Number?

You can get the 15 digit Acknowledgement Number and date of original filing after logging on the income tax return website. Just click as shown in the picture below.

Tax Return Acknowladegement Number
Tax Return Acknowledgement Number

[box type=”info” size=”large” style=”rounded” border=”full”]

Here are some posts which can help you with e-filing of ITR 2019:

1. 9 Most Important Changes in ITR Forms for AY 2019-20

2. Calculate your Tax liability for FY 2018-19 (AY 2019-20)

3. Download 44 page slideshow showing all tax exemptions

4. Which ITR form to fill for Tax Returns for AY 2019-20?

5. How to Claim Tax Exemptions while filing ITR?

6. Use Challan 280 to Pay Self Assessment Tax Online

7. Form 26AS – Verify Before Filing Tax Return

8. 5 Ways to e-Verify your Income Tax Returns

9. What if You DO NOT file your Returns by due Date?

10. Can I file my Last Year Tax Return?

11. Why and How to Revise Your Tax Return?

12. What does Intimation U/S 143(1) of Income Tax Act mean?

13. What happens after you file your ITR?


Can ITR Forms be changed for Revised Returns?

A common confusion is can the ITR form be different than the original return Form. For e.g. You filed original return using ITR 1 while you want to file revised return using Form ITR 2. Is it Possible?

Yes this is very much possible and the entire idea is to correct the original return. This could be possible that you had small short term capital gains from mutual Fund which you missed in original return and so filed through ITR 1. But to include the missed capital gains you have to use ITR 2 in the revised returns.

How many times can you revise your returns?

There is no limit to the number of times tax returns can be revised provided you filed the return within above timelines. Every time the return is revised, you need to quote the 15 digit Acknowledgement Number and date of original filing.

ITR Rectification Vs Revision:

Some tax payers are confused about Rectification Vs Revision of Tax Returns. What we discussed above was Revision of Tax Returns. This can be done before the assessment is completed by Income Tax Department.

Rectification of Tax Return can be done in response to notice received by tax payer after assessment of the tax returns by I-T Department.

Points to Note:

Below are some points to note while filing revised tax returns:

  1. If there is additional tax liability in case of revised return, you’ll need to pay that with relevant fines.
  2. The revised return is for omissions and rectification but if the assessing officer thinks that there was willful concealment of information, you may be fined. The fine may be 100% to 300% of the tax due.
  3. As per experts, revised returns have higher chances of getting scrutiny letter from the I-T department especially if the revised returns has lower tax liability than the original return.

Have you revised your tax returns and how was your experience?

2 thoughts on “Why and How to Revise Your Tax Return?”

  1. मेरे c a ने A.Y २०१४-१५ का RETURN 02/02/2012 को UPLOAD किया था लेकीन मुझे मालूम नाही था इसलिये उसे वेरीफाय नही करा सका वह UPLOAD हि है. क्या मै उसे अब वेरीफाय कर सक्त हू या फिर REVISE RETURN भर सकता हू

Leave a Comment

Your email address will not be published. Required fields are marked *