Revising the return of income
As per the law as it stands today, from the Assessment Year (AY) 2018-19, a return of income filed within the due date i.e. the original return of income (generally 31 July for individuals) or a return filed after the due date called the belated return, can be revised if a taxpayer discovers any omission or wrong statement in the return filed. Such revision has to be done before the end of the assessment year for which return was filed. For example, if a revision is required to be done for a return filed for Assessment Year 2018-19, such revision can be done anytime on or before 31 March 2019.
However, for returns filed prior to AY 2018-19, one has a time limit of 1 whole year form the end of an AY to file a revised return i.e for AY 2017-18 and prior years, a revised return could be filed anytime on or before 31 March 2019.
Another significant point to be noted is that the facility to revise a return filed late(belated return), is available only from AY 2017-18 onwards prior to which this was not possible.
All of the above provisions have further been simplified for your understanding in the following table:
At this juncture, it would also be relevant to make note of the following points:
There is no restriction on the number of times a return can be revised as long as it is within specified date for revising the return. However, multiple revisions may attract the attention of the income tax authorities
In general, revised return as per tax law provisions may not attract any penalty
Only unintentional omissions or wrong statements can be revised. Taxpayer who has intentionally concealed any income or made false statements or who would like to revise the return to increase income after income tax department caught them up cannot take advantage of revising the return of income and setting it right. He can always be penalized for under-reporting of income.
Revision of return can be done online.
How to go about filing a revised return?
Online mode -
The process is same as the regular filing of an original return. It becomes simpler if you are using any of the return filing softwares where you would have all the details automatically populated. You would then be concerned only with carrying out the necessary changes and go ahead with the uploading.
You may either e-verify the same or send the signed physical copy of acknowledgment (ITRV) to Centralised processing Centre (CPC) within 120 days of filing the revised return
Physical mode -
Submit the ITR form filled as above with the assessing officer of your jurisdiction
Having said the above, it is advisable for taxpayers to be cautious while filing the original return of income itself and ensure all the information/details entered are correct. Revision of returns may invite unnecessary questioning from income tax department even in genuine cases of unintentional errors.