Only if original return is filed within the due date then only one can avail the benefit of re-filing of Income Tax Return (ITR) referred as revise return. ITR may be revised if after filing the original return any omission or any wrong statement in the return filed is discovered. But, other than the due date there are various things need to be remembered by every taxpayer to avail full benefit of this option:
- Only return filed online can be revised online.
Income Tax Act does not prohibit filing online revised return against original physical return filed earlier. But when one try to file revised online return income tax department searches detail of original return filed which is not find and error is communicated as details of original return filed in hard copy yet to punch in department net work data.
- Return can be revised at any time before the expiry of one year from the completion of the said assessment year or before the completion of assessment, whichever is earlier.
For example, a person filing return for Assessment year (AY) 2010-11 Â can file return either up to 31/03/2012 or before the assessment is completed for AY 2010-11, whichever events happens first.
- However, if the IT department completes the assessment of return earlier, then a revised return cannot be filed.
- Even a loss return filed u/s 139(3) can be revised and loss as per the revised return can be carried forward.
- Benefit of revising return cannot be claimed by a person who has made a false return knowing it to be false. Deliberate omission and false and fraudulent statements fall outside the purview of the provision.
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