How to file Revised Income Tax Return: Step-by-step guide
Test right here the step-by-step guide to file Revised ITR.
We regularly find yourself making small errors whereas submitting an revenue tax return (ITR). The tax division has a provision that permits taxpayers to rectify any errors made whereas submitting ITR. Part 139(5) of the Income-Tax Act, 1961 permits taxpayers to rectify their errors of their unique tax returns by submitting a revised return.
One ought to file a revised ITR on or earlier than the completion of the relevant evaluation yr. Evaluation yr is the yr instantly following the monetary yr for which the return is filed.
It could be famous that submitting a revised ITR technically means submitting a brand new ITR with the corrections underneath Part 139(5) of the Income Tax Act. Submitting a revised return merely means submitting your return once more however this time with the right info. When submitting a revised return you want to point out particulars of the unique return.
Right here is how to file Revised Income Tax Return:
- Go to the Income Tax web site, now login into the Income Tax e-filing portal by getting into person ID (PAN) and Captcha code.
- After logging in, you possibly can proceed to click on on the e-filing menu after which choose the ‘Income Tax Return’ hyperlink.
- On the following web page, your PAN might be auto-populated. Then choose the evaluation yr, ITR kind quantity, Submitting sort (unique or revised return), and choose the submission mode as ‘Put together and submit on-line.
- Within the on-line ITR kind underneath the ‘Basic Data’ tab, select the ‘return submitting part’ as ‘revised return’ underneath Part 139(5) and ‘return submitting’ sort as ‘revised’.
- Now enter the acknowledgment Quantity and Date of submitting the unique return. (It’s obligatory to enter the 15-digit acknowledgment quantity when submitting revised ITR).
- Then fill in or appropriate related particulars of the net ITR kind after which submit the ITR.
- Lastly, e-verify the returns for quicker processing and a faster refund.
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