Filing revised ITR

You have filed your income tax return (ITR) before the due date but later you find that you have omitted certain deductions for which you were eligible or have claimed wrong deductions or have committed certain errors in the ITR and, therefore, you are wondering whether you would get notice from the IT department.

There is no need to worry because you can rectify all your errors of omissions and commissions by filing a revised return within the time limit stipulated by the IT department. The time limit to file the revised return is the end of the assessment year. So, for the financial year 2017-18, the last date for filing revised return is March 31, 2019, that is, by the end of assessment year 2018-19.

It is as easy to file a revised return as it is to file the original return. The taxpayer just needs to choose the revised return (Part A-General Information) under Section 139(5) and furnish the required information such as the 15-digit acknowledgement number given by the IT department and the date of filing the original return. Thereafter, the taxpayer can proceed to rectify the errors and revise the ITR accordingly. After completing the revision, the ITR needs to be sent to the ITD’s Bengaluru office.

It must be noted that if the taxpayer does not rectify the errors within the specified time limit, the return filed by the taxpayer would be considered null and void. In which case, the IT department may send a notice to the taxpayer asking complete details of the return filed along with supporting documents. If the taxpayer fails to do so, the IT department impose penalty of up to 200 per cent of the evaded tax amount.