How to revise income tax return online

By | October 27, 2021

You can make as many changes to your tax return as you wish. It comes in handy if you neglect to claim a deduction or disclose income when filing your taxes earlier.

When submitting an income tax return, many people neglect to disclose certain income or claim some deductions that are available to them (ITR). 

Many times, they only realise their errors after a few days or months have passed since filing the ITR. Because these are frequently actual lapses, the IRS permits taxpayers to amend errors in their ITRs by filing a revised return. Learn more about when and how to file an amended return, as well as the requirements that apply.

What is a tax return that has been revised?

As the name implies, a revised income tax return is a re-filing of an ITR by an assessee if he or she discovers a mistake, omission, or false statement in the initial tax return. Section 139(5) of the Income Tax Act of 1961 allows for the filing of a revised return. For example, if you forgot to declare interest from a bank account or failed to claim a deduction for a health insurance policy premium, you can file an amended return to declare the interest income or claim the deduction.

What is the procedure for filing a revised tax return?

Filing a revised return follows the same steps as filing an original return. You must, however, bear two things in mind. The first is to check the “Updated Return” box while filling out a revised ITR form. The second item to remember is to include your original or previous return’s “Acknowledgement Number” in the form.

Also, keep in mind that an amended return must be submitted in the same manner as the original. If you submitted your original return on paper or manually, you can only make changes manually. In the same way, if the original return was submitted online, it can only be updated online or electronically.

Step by step process of filing a revised tax return

Here is a step by step guide on how you can Make Changes to Your Tax Return and revise it:

Step 1: After logging in, navigate to My Account > My Tax Return. 

Step 2: For the year you want to update your income tax return, click on ‘View Details.’ 

Step 3: You’ll notice the original return’s acknowledgment number and date of filing. Scroll down and select ‘Click here to modify this Income Tax Return.’ 

Step 4: After the return has been designated as updated, you can make modifications and corrections. 

Step 5: Go to the ‘Tax Filing’ Tab and click on ‘Proceed to e Filing’ after making the necessary modifications and paying any taxes owed. 

You must e-verify your income tax return once the updated return has been filed.

Who is eligible to file a revised ITR?

Every taxpayer who has submitted a tax return has the option of revising or correcting it. “Generally, a revised tax return filing is pursued for a variety of reasons, such as incorrect information provided in the ITR or failure to provide certain figures in the returns. “It is therefore critical for the taxpayer to have enough documentation in support of the adjustments made, just in case the tax authorities conduct an audit at a later date,” said Deloitte India Partner Sudhakar Sethuraman. “However, only individuals who have filed their original tax return by the due date are eligible for amendment”, he further added.

What is the deadline for filing an amended tax return?

You have until the end of the Assessment Year (AY) or the completion of the assessment to file a revised income tax return, whichever comes first. For example, if you have already submitted your AY 2020-21 return but want to make changes, you can do so until the end of AY 2022-21, i.e., March 31, 2021, or until the tax department analyses your tax return, whichever comes first. Is there a cost or payment for submitting an amended return?

There are no fees or charges for filing an amended tax return. In fact, if you filed your original income tax return before the due date, you will not be charged a penalty if you file a revised return after the due date.

“If you fail to file your original return by the due date, you will be charged a late filing fee.” According to Archit Gupta, founder and CEO of ClearTax,” an updated return replaces the original return submitted.” A taxpayer is not obligated to pay the late penalty every time he or she revises the same return, even if the original return was filed after the due date. “A taxpayer does not need to pay the late filing fee with the updated return if they paid the late filing fee with the original return,” Gupta explains. 

Is there a limit to how many times one can revise their tax return?

There is no limit to how many times a tax return can be changed; as long as it meets the timetable criteria, it can be revised indefinitely. All previous tax returns become null and void once a return is updated.

When submitting a tax return, you should try to be as careful as possible. Don’t rush through it. Take the help of a tax specialist or a chartered accountant if you need it. Furthermore, if you find a mistake on your tax return, file an amended return as soon as possible.