There is no restriction on the no. of times a return can be revised and it can be revised any no. of times provided it is within the prescribed time limits. Thus, in the above case, the Revision can be applied for any number of times provided it is filed before 31^st March 2019 or before the completion of assessment.

Then, can revised return be revised?

Under Section 139(5) of the IT Act, taxpayers can file revised returns if they find out that they have made a mistake in their ITR. Every taxpayer has the option of filing revised returns. In the past, only taxpayers who filed tax returns on or before the filing due date were allowed to file revised returns.

Subsequently, question is, what is revised return? Revised return allows you to rectify the error or omission of facts made at the time of filing your original ITR. Filing a revised return simply means filing your return again but this time with the correct information. When filing a revised return you need to mention details of the original return.

Herein, how do I file revised return for AY 2020 21?

Select 'Assessment Year' • Select 'ITR form Number' • Select 'Filing Type' as 'Original/Revised Return' • Select 'Submission Mode' as 'Prepare and Submit Online Page 3 In the Online ITR Form under 'General Information' Tab, Choose the 'Return Filing Section' as 'Revised return under section 139(5)' and 'Return filing

How many times we can file revised return?

There is no limit for the number of times you can file a revised return. Remember, every time you file a revised return, you are required to provide details of your original ITR.

Related Question Answers

Are you filing return under seventh provision?

Please note that Finance (No. 2) Act, 2019 has inserted a new seventh proviso to section 139(1) of the Income Tax Act, 1961 ('the IT Act') w.e.f. 01-04-2020 to provide for mandatory filing of ITR for those people who have certain high-value transactions even though that person is otherwise not required to file a return

Can I file revised return after intimation u/s 143 1?

It is totally possible to file a revised return after the notice or intimation has been received by the taxpayer under Section 143(1) by the Income Tax Department. In addition to this, a revised return can be filed even for belated returns filed by a taxpayer after July 31st of any financial year.

How can I cancel my revised return?

Once a tax return has been submitted and you have received an acknowledgement number for it, you will not be able to cancel the tax return. If you have made a mistake while filing the return and need to change it, you can correct it and file a revised return. Do note that return filed after due date cannot be revised.

Is there any penalty for revised ITR?

ITR form can be changed while revising of return. No penalty can be levied by the department for bonafide mistakes (unintentional) If the assessing officer discovers that the error/ omission was intentional/fraudulent return revision of return is not allowed and penalty may be levied.

Do we need to e verify both original and revised returns?

should i E verify the original return now? there is no penalty for above situation because your revised itr replace original itr, thus don't worry about it and verify original as soon as possible. No return is valid till it is verified. You should verify the return thorough e verification or by sending the ITR to CPC.

Can we refile tax returns?

Taxpayers who discover they made a mistake on their tax returns after filing can file an amended tax return to correct it. This includes things like changing the filing status, and correcting income, credits or deductions. Here are some tips for taxpayers who need to amend a tax return.

How can I revise my TDS?

1. Overview. -Request for conso file from Traces Portal. -Download the conso file & open in utility.
2. STEP-1.
3. Request for conso file from Traces Portal. Login to traces. After login you can see various tabs on the Home Screen.
4. STEP-2. Download the conso file & open in utility.
5. STEP-3. Update the correction in utility.

How do I submit a revised return?

Step 1: Once you login, go to My Tax Return under My Account. Step 2: Click on 'View Details' for the year you want to revise your income tax return. Step 3: You will see the acknowledgment number and date of filing of the original return. Scroll down and click on 'Click here to mark this Income Tax Return as revised'.

Can we file revised income tax return after assessment?

Revised Return of Income Tax can be filed by an assessee any time before the expiry of the Relevant Assessment Year or before the completion of assessment (whichever is earlier). You can still revise your income tax return even if you have received Income Tax Refund.

What is the due date for revised return of income tax?

Getty Images The belated ITR is filed under section 139 (4) of the Income-tax Act and revised return is filed under section 139(5) of the Income-tax Act. The deadline to file belated/revised income tax returns (ITR) for FY 2018-19 has been extended to November 30, 2020 from the earlier one of September 30, 2020.

How do I file an old tax return?

1. Filing ITR for Previous Years. According to the Finance Act 2016 amendment, you can file your belated IT Returns anytime on or before 1 year from the end of the relevant Assessment Year (AY). Example, for the AY 2016-17, the timeline to file a belated return was on or before 31 March 2018.

What is the time limit for revised return?

one year

What is the difference between revised return and rectification return?

A revised return is filed before the Income Tax Department completes assessment of your ITR. A rectification, on the other hand, can be filed only after you receive an intimation from CPC Bangalore for the e-return under Section 143(1) or Section 154 of the Income Tax Act.

What is original and revised return?

If a filer files income tax return for the first time for the financial year, it is called original return. If any modification is required in original return then a filer has to file revised return.