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With 31st March 2018 ending in next 168 hrs , it is very important to have knowledge of Revised Returns. Its comprehension becomes even more vital because
ITR FOR AY 2016-17 COULD NEVER BE FILED & REVISED LATER THAN 31ST MARCH 2018
When you have already filed an income tax return for the relevant assessment year, any subsequent return filed for the same period is known as Revised Return.
The need for revising return arises because no matter how precautious one takes while filing the return, there is always a chance of error or omission. Such error or omissions may be regarding income offered, deductions claimed, recent amendments in the law or any other details filed. Revised return is an opportunity to make good all such mistakes.
As per income Tax act 1961, till AY 2016-17 only those returns could be revised which were submitted on or before the due date. Therefore, it was of utmost significance that an income tax return gets filed on time i.e. on or before 31st July and 30th Sep, normally.
Good news is that from Assessment Year 2017-18 (Financial Year 2016-17), even a belated return can be revised. Additionally, the time limit for revision of that particular year remains same as earlier i.e.
whichever is earlier
This means that for FY 2016-17 (AY 2017-18) the return can be revised up to 31/03/2019.
However, for the current financial year i.e. F.Y 2017-18 (AY 2018-19), the law has been further revised in respect of time limit of revision of return. Now, the belated return could be revised upto the below limit :
This means that for FY 2017-18 (AY 2018-19) also the return can be revised up to 31/03/2019.
Revision is possible infinite number of times between the filing date and above mentioned period of the respective year. Upon filing a revised return, the original one stands withdrawn and you are now assessed on the amended details. But, this facility should not be misused to avoid being a suspect in the eyes of Income Tax Authorities.
All that you require for making revision of income tax return is:
Note: In case you have made more than one revisions, then too the details of original return are required.
Subsequent to filing process do not forget to verify your return!!
For your convenience it can be done via different channels, namely,
This blog must have paced down your queries relating to revision of ITR. Still, we highly recommend to file your income tax return with utmost diligence and leave no rooms for correction. But, since errors are inevitable, if you observe any fault in your return section 139(5) is there for your rescue.
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