Career Search

Tuesday, August 21, 2018

How to revise income tax return (ITR)

Best SIP Funds to Invest Online 

You have filed your income tax return or ITR for assessment year 2018-19. Now, you realize that you have made a mistake while filing the return. Don't lose heart, the income tax department provides you an option to file a revised return. The revised return replaces the original return and is deemed to have been filed on the same date on which the original return was filed, say tax experts. A revised income tax return can be filled at any time before the expiry of the relevant assessment year or before completion of the assessment, whichever is earlier


The last date to file the revised return with respect to assessment year 2018-19 is March 31, 2019. But there is a catch. The option to file the revised return is not available if the reason is other than omission or wrong statement

How to file a revised ITR
The process of filing a revised ITR is the same as filing an original return. Visit the e-filing website of Income Tax Department and then log in with your credentials. In Part A - General Information, the taxpayer has to choose 'Revised Return under Section 139(5)' from the drop-down box and in the in the same tab, provide information to identify the original return which shall be 'Order Acknowledgment Number' and 'Date of filing of Original Return'.








How many times you can file a revised ITR
Assessees can revise a return every time they discover any omission or wrong statement within the time limit prescribed for filing a revised return. However, one should take utmost care while filing a revised return so as to avoid complications in future and should not misuse the facility

5 key things to remember about filing a revised ITR
 1. When the assessee files a revised return, the original return stands withdrawn and is substituted by the revised return

2. The last date for filing a revised return is end of the relevant assessment year. For financial year 2017-18, the revised return can be filed up to March 31, 2019.

3. "File the revised return only to rectify genuine omissions or wrong statements. If any income was intentionally not disclosed in the return and an assessee chooses to file a revised return after receipt of a show-cause notice, the assessing officer may ignore the revised return and initiate a scrutiny

4. It is mandatory to mention the date of filing and acknowledgement number of the original return filed

5. Do not forget to verify the revised return.





SIPs are Best Investments as Stock Market s are move up and down. Volatile is your best friend in making Money and creating enormous Wealth, If you have patience and long term Investing orientation. Invest in Best SIP Mutual Funds and get good returns over a period of time. Know which are the Top SIP Funds to Invest Save Tax Get Rich - Best ELSS Funds

For more information on Top SIP Mutual Funds contact Save Tax Get Rich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com

No comments: