How and When revised income tax return can be filled

It’s mandatory for an individual to file his or her income tax return if income for that financial year exceeds the basic exemption limit as specified in the act (for financial year 2014-2015 and 2015-2016 basic exemption limit for individuals below 60 years of age is Rs 2,50,000). Act also specifies the due date of filling before which every individual must file his or her income tax return.

Tax return can also be filled within two years from the end of the financial year but such return filled after due date will be treated as a belated return.

Recommended Read: What happen if individual don’t file return of income before due date of filing

revised income tax return for mistakes and errors

When tax return can be revised

Tax return filled on or before the due date of filling income tax return can only be revised i.e. a belated return cannot be revised. To get eligible to revise Income Tax return, you are required to file it before 31st July or before the extended date as specified by CBDT.

Example

Here are the tax dates applicable for financial year 2014-2015 i.e. year starting from 1st April 2014 to 31st March 2015;

Due date of filling income tax return 31st July 2015 (extended to 31st August 2015 by CBDT)
Last date of filling income tax return 31st March 2017
Last date of filling to avoid penalty 31st March 2016

If you file your income tax return before 31st July 2015 then your return will be eligible to get benefit of section 139(5) i.e. you can revise your return. Now the 31st July 2015 has been extended to 31st August 2015. To get eligible to revise your income tax return, you need to file it before 31st August 2015.

If you are filling your income tax return after 31st August 2015, then your IT return cannot be revised even though you have discovered an omission or misstatement in the original return.

How to file revised income tax return

Revised income tax return can be filled by filling the same ITR forms that you originally filled at the time of filling. However, following things are required to be filled in those ITRs while filling revised return.

Field in Income Tax return You need to fill
Return filled under section 17 – revised return u/s 139(5)
Whether original or revised return R – Revised
If revised, defective, modified then enter receipt no. Acknowledgement number of ITRV for filling original return
Date of filling of original return Actual date when you have uploaded your IT return
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