When to file a Revised Tax Return?

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More than 34 million people filed their income tax returns (ITR) for assessment year (AY) 2018-19, till 31 July 2018, according to data available on income tax department's e-filing website. The number must have increased by now with the due date to file ITR being extended to 31 August. If you are one of the people who have filed your return on time, but in the hurry to meet the deadline made a mistake while doing it, like mentioning an incorrect bank account or forgetting to disclose certain incomes, you need to file a revised return. 

When you need to file a revised return?
If you discover any mistake or omission in the ITR you have filed, you are allowed to file a revised return under Section 139(5) of the Income Tax Act, 1961. Returns can be revised to correct errors that might have happened in the earlier return filed or to include information that one inadvertently missed out providing earlier

These mistakes can be omission or wrong reporting of any income or deductions, non-disclosure of assets and liabilities at the year-end in case income exceeds Rs50 lakh, non-disclosure of foreign income and foreign assets, filing of the wrong ITR form and so on. But each of these can be rectified in a revised return.

Typically, in a rush to meet deadline(s), many taxpayers end up making some errors or omission while filing their tax returns. Mistakes might occur as a result of limited knowledge of the provisions of tax laws or due to lack of accurate information available at the time of filing the original tax return

Remember after an amendment in tax laws from the current AY, i.e., 2018-19, the window to file a revised ITR is open till the end of the relevant AY or before the assessment of return by the tax department, whichever is earlier. In other words, return filed for AY 2018-19 can be revised till 31 March 2019, or before the assessment happens, whichever is earlier.

Mistakes might occur as a result of limited knowledge or due to lack of accurate information available at the time of filing... Filing a revised tax return may increase the chances of tax return being picked up for a detailed scrutiny assessment

Till last AY, i.e. 2017-18, returns were allowed to be revised till the end of one year from the end of the relevant AY. Therefore, a return filed for AY 2017-18 can also be revised till 31 March 2019, provided it was filed before the due date. Earlier a belated return (filed after the due date) was not allowed to be revised; now there is no such provision.

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