People might not pay attention to mention their income or claims of particular deductions displayed to them during ITR filing. Such people acknowledged this post-filing of ITR through several days or months passed by. Somewhere these are original slips on which the department of ITR permits the assessee to do corrections in the filings by doing changes in their return. There are multiple options to revise ITR and among them, Taxpayers can file their income tax return via free downloading Gen IT software from various resources. Below are the guidelines for furnishing the ITR.
What is a Revised Income Tax Return?It is said to be amending the ITR through the taxpayers in seeking any mistakes or errors made in the real tax return. Section 139(5) of the income tax Act, 1961 changes in the return can be done. If you have mistakenly forgotten to furnish the interest earned from the bank account or not claim for the deduction in the premium given to the health insurance scheme you can again furnish the revised return to mention the income earned on interest or deduction claimed. What is The Time Duration to File The Amended Income Tax Return?Prior to the finishing of the assessment year, you can furnish the amended ITR prior to the completion of the assessment. But if you had earlier filed the return for the AY 2020-21 and did not want to update it you can do it till the end of the AY 2021-22, March 31, 2021, or prior to the tax council sees your records which can be done earlier. Are Any Fees or Charges Needed to File a Revised Return?There are no fees imposed to file the amended tax return. In fact, if you had already filed the original income tax return prior to the issued date then you are not supposed to pay the late fees if you had chosen to file the amended return post to the date issued. “A late filing fee becomes payable in case there is a delay in filing the original return beyond the due date. A revised return substitutes the original return filed,” as per tax expert. If still the original return is filed post to the date issued then an assessee is not payable for the late penalty in every duration he/she amends the same return. “Once a taxpayer pays the late filing fee with the original return, there is no need to pay the late filing fee with the revised return,” How do I File An Improved Return?The process of filing the changed return is the same as that of furnishing the original return. Although you need to know 2 things i.e firstly during the furnishing of ITR form tick mark on the revised return option. Secondly, display the recognition number or the earlier return in the form. The amended return needs to be furnished as in a similar mode to the original return was filed. Thus say that if you file the original return manually then it will be furnished only in manual mode. And if the original return was furnished online then it is changed only in the online mode. How Many Times Can I Amend My Return?Tax can be revised several times there is no stoppage but it should be fulfilled under the time framed guidelines. The ITR new or earlier seeks null and void when the revised return gets furnished. You should take care while filing the income tax return and do it in a serious state of mind. Take help from the CA or financial advisor. Additionally, do you need to discover the mistake in the tax return then file the revised return without any lag?
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AuthorI am Amit Gupta. I like to write posts about chartered accountants' topic. |