How to file revised income tax return online

How to file revised income tax return online

The Central Board of Direct Taxes (CBDT) has extended the due date for filing the Income Tax Returns for FY 2018-19 from July 31, 2020, to November 30, 2020. The taxpayers can also file their revised returns for FY2018-19 within this deadline. The postponing of the due date is subject to the COVID 19 pandemic. Along with the last date of ITR filing, a  lot of other tax-related deadlines have been altered and postponed by the government.

In the wake of the pandemic, the Indian government has offered various relaxations and has extended tax-related deadlines. The terms and conditions for certain post office investment schemes are also relaxed to help the taxpayers. The due date for tax filing was further extended to 30th September, before the current update. The Income Tax Department announced the first deadline extension via a tweet from the official Twitter account of the Income Tax Department.

How To File Revised Income Tax Return Online
How To File Revised Income Tax Return Online

The tweet stated that “In view of the constraints due to the COVID pandemic & to further ease compliances for taxpayers, CBDT extends the due date for filing of Income Tax Returns for FY 2018-19 (AY 2019-20) from 31st July 2020 to 30th September 2020,”. This was overridden by the latest press briefing by Finance Minister of India, Ms Nirmal Sitharaman.

“Due date for all income-tax returns for FY 2019-20 will be extended from July 31, 2020, and October 31, 2020, to November 30, 2020, and tax audit from September 30, 2020, to 31st October 2020,” says Finance Minister Nirmala Sitharaman in a recent press briefing.

The revised return filing process is almost the same as the original filing. The revised ITR should be filed under section 139(5) of the Income-tax Act. The taxpayer should select the option ‘ Revised u/s 139(5)’ in the column ‘Return Filed Under’.

For unintentional mistakes, the department won’t levy any penalty to the taxpayer. The ITR form can be altered while revising. The assessing officer finds the mistake intentional/fraudulent the revising may be prohibited for the taxpayer and a penalty will be levied.

How to file revised income tax return online

Step 1 –  Go to the income tax portal ‘incometaxindiaefiling.gov.in’

Step 2 – Login to the portal using your ID and Password

Step 3 – Click on the ‘e-file’ button and select ‘Income Tax Return’ link

Step 4 – On the next landing page your PAN details will be auto-populated

Step 5 – Select the Assessment year

Step 6 – Choose the right ITR form

Step 7 – Click ‘Filing type’ and select  ‘Revised Return’

Step 8 – Choose the Submission Mode and ‘Submit Online’

Step 9 – In the ITR form, choose  ‘Return Filing Section’ as ‘Revised return under section 139 (5) and ‘Return filing type’ as ‘Revised’ under the ‘General Information’.

Step 10 –  Add  the ‘Acknowledgement number’ and ‘Date of filing’ of the original return filed

Step 11 – Fill up the correct details of the ITR form and submit

The verification of the ITR can be either done electronically by selecting e-verify or by physically sending the ITR-V through speed post/mail to the Income Tax Department, Bangalore.

The revised returns come under Section 139(5) of the Income Tax Act. If the taxpayer made any mistake while filing the ITR such as omission or any wrong statement etc, he/she should file the revised returns. Even spelling mistakes in the taxpayer’s name, bank account number etc falls under the criteria for revised returns. The revised IT return should be filed within the prescribed time limit provided by the authorities.

Points to Consider While Filing Revised Income Tax Return

  • The file revised return form for FY 2018-19 is March 31, 2020
  • The revised return should be filed only if there are mistakes or wrong and omission statements.
  • The revised return with no disclosed income in the actual form will be scrutinized
  • Verification of the revised form is mandatory
  • The actual return will be replaced by the revised one
  • It is vital to consider the deadline of submitting the acknowledgement number of the previously filed original return form.

If you have any queries regarding the ITR filing process or revised ITR filing, feel free to reach out to us via the comments section below.