Belated and Revised Return

What is a revised Income tax return?

A revised income tax return stands for the refiling of tax returns by an individual if there is any mistake, omission, or editing made during the filing of the income tax returns. A taxpayer can improve his/her mistakes when filing a revised return. A revised tax return can be refiled as per the income tax section act 1961, section 139(5). For instance- If an assessee missed declaring the earned interest from a bank account, or deductions for the premium policy that you bought earlier. In such a case you can file a revised interest income and claim the deductions.

How to file a revised return?

To file your revised income tax return, the following are the essential steps that you need to follow- Firstly, You have to go to the website of the income tax department (https://eportal.incometax.gov.in/iec/foservices/#/login) and log in to the portal with your (PAN)ID and password, and captcha. Having logged in to the portal, You just have to select e-filing and after this choose the ‘income tax link. After some time your PAN details will be synced automatically and then choose the assessment year, filing type (original or revised returns) and select the mode of submission and submit it online. In the next step, you need to select the “return filing section’ as “revised return under section 139(5) and the type of return filing as “revised”, You can see this option under “General information”. Now, fill out the declaration number of 15 digits and the date of filing the original tax returns. It is important to fill out the declaration number while filing income tax returns. Then You have to fill out the correct and relevant information on the online tax return form and submit the income tax return. e-verify the returns for fast processing and an immediate refund.

What is the last extent for filing a revised income tax return?

A taxpayer must file a revised income tax return before the end of the (Assessment Year) A.Y. or before the completion of the A.Y. If he/she fails to file a revised return within the current assessment year then the income tax department has the right to impose the penalties under section 234f. For better understanding, let’s have an example, If any individual had filed his/her income tax returns in the assessment year of 2020-21 but later that individual gets to know that certain mistakes happened in the process of filing income tax returns so to file revised tax returns, the last date of filing a revised income tax return will be the assessment year of 2021-22 and 31st of March. Before the completion of this assessment year, he/she has to file revised income tax returns.

Important Points to remember when filing a revised income tax return

There are certain points to remember when filing revised income tax returns to avoid mistakes and omissions. The following are details to be considered. The last date for filing the revised tax returns is the 31st of March and the assessment year 2021-22. The original tax returns are replaced with the revised tax returns including the edited information and details. You must go through the revised form once you complete it just to ensure the details. When filing the revised return make sure you are furnishing the right information in the form. Furnish revised tax returns on account of spot mistakes and omissions in the original tax returns.

Is there any fee levied on filing a revised income tax return?

No, there is no fee or charge levied when filing the revised tax returns. On account of filing the original tax returns before the due date, there is no fee levied on revised tax returns. But if any individual has filed his/her tax returns after the end of the due date, then in this case when the individual will be levied a certain amount of charge or fee when filing the revised income tax returns. According to the tax laws, if an individual has paid the late filing fee for original tax returns so there is no need to pay the penalty fee whenever he/she files the revised income tax returns.

How many times can revised return be filed?

Revised refunds can be filed over and over, the limit is limited to date mode, which means that updated refunds can be filed at any time, up to a set date. In addition, certain refunds may be reviewed despite the same refund.

Revising of Belated Returns

Belated Refunds listed under Section 139 (4) may be reviewed. This applies to the reimbursement of the 2016-17 inspection year onwards, not earlier as Revenue tax laws were different before this period.

Revised Return’s Impact on Carrying Forward Losses

The revised refund results will replace the actual refund, which means that the loss or revenue that has just been calculated will be used from now on, and the loss as renewed in the revised income will be carried forward.

Important Judicial Decisions Relating to Revised Income

The following are some of the judgment decisions related to the revised revenue:

• The mere discovery of the issue / error would not be a revised revenue, but the actual ignorance or error may qualify for a revised refund under Section 139 (5).
• Errors / omissions must be identified by an eyewitness. Any interference found by the inspecting officer shall not be a revised refund under Section 139 (5).
• Revised returns may not be included when the recipient simply changes the status and year of accounting or thus the method of accounting.