If
you found any omission or wrong statement in the time of filling the
return online in due time, he/they can re-file/revise the return with
necessary modification. This re-filing of the income tax return is
referred to as Revised Return. The process for revising the return is
very simple. Below given the process of how to fill the revised return:-
How to fill the Online Revised Return and get new ITR-V
Revised
return can be filed for any previous year at any time before the expiry
of 1 year from the end of the relevant assessment year or before
completion of the assessment whichever is earlier. For this financial
year 2014-15), you can file the revised return till March 31st, 2016
However, if the income tax department completes the assessment of your return earlier, then a revised return cannot be filed.
Revised
return can be filed only if the original return was filed before due
date. Thus if a return is filed after a due date then it cannot be
revised.
A loss return filed within time can also be revised and in such case loss as per the revised is carried forward.
One should have acknowledgement number and date of filing the original return in order to file a revised return.
Return
filed in response to the notice u/s 148 can also be revised. It should
be noted that notice u/s 148 is issued in respect of the escaped income
in the respective assessment year
In case of concealment of income and furnishing of inaccurate information in income tax return an individual will be penalized
How to file a revised return
Check for the discrepancy in ITR-V form received from the original return e-filing.
Go to the Income Tax Department's Web Site www.tdscpc.gov.in and choose the the home page,
Login through link of Registered Users.
Prepare & Submit online Return under e-file & complete below detail as required.
1) Enter the E-filing acknowledgement receipt number from the ITR-V (Which you got after the original return)
2) Select the appropriate “return filed under section”. You will find options for 17-Revised 139(5).
3) Press Save as Draft and continue and go ahead make changes and enter correct details
4) Press Submit button on completion of data . You will get a new ITR-V marked as revised return.
5) Once you receive the ITR-V form, you are supposed to send across both original and revised return ITR-V forms to IT department Bangalore within 120 days.
