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How To Revise Your Income Tax Return?

Last Update Date : April 30, 2019
Estimated Read Time: 7 min

An assessee can e-file a revised return in case of any genuine corrections/omissions to the Original Tax Return filed u/s 139 (1) before the end of assessment year under Section 139(5) of Income Tax Act, 1961. One can follow the step by step guide to revise the tax return and complete the ITR Verification process. One can also avail our Expert Assistance services to revise the tax return accurately.

What is Revised Return?

The filing of error-free tax return is a huge task specially for those who are filing their income tax return for the first time. An unintentional omission or an error sneaks which needs to be corrected by filing a revised return.

The tax payer submits the tax return before due date which is extended to 5th August 2018 this year. And later, realizes that there are some corrections and additions to be made to his return. Here is the solution – the income tax department has given an option to file a revised tax return which would replace the Original return.

In short, ‘Revised Income Tax Return’ means an assessee will make certain amendments, changes, additions etc to his Original Income Tax Return filed u/s 139 (1) when he notices any incorrect declarations that are filed before the due date and revises the return u/s 139 (5) with the correct declarations.

For example: Sharon has e-filed her Original Tax Return for FY 2017-18 before the due date. Once she realized that some mistakes are made, she can revise her tax return any time before 31st March, 2019 or before the completion of Assessment whichever is earlier.

Who Can file Revised Return?

Every Assessee who has e-filed his/her tax return u/s 139(1) is eligible to revise the return making all necessary changes as per Section 139(5) of Income Tax Act 1961.

All the tax payers who are ignorant of the latest tax rules and who filed their original tax return incorrectly have the chance to revise their tax return.

For example: Last year declaration of Asses & Liabilities whose income exceeds 50 lakhs was mandatory. The tax payers who are ignorant of this update can have the opportunity to revise their tax return.

Starting AY 2017-18, as per income tax department the assessee can revise his belated return as well.

Last date to file a Revised Return?

As per the new laws set from last year, an assessee can revise his tax return till the end of Assessment Year. For example, once the tax payer files the Original Tax Return of FY 2017-18 before the due date, then it can be revised before 31st March 2019.

An assessee can file a revised tax return under the circumstances as listed below:

  • Under majority of reasons a tax payer revised tax return as they are unaware of the latest changes in the income tax rules while filing original return
  • A person who has e-filed the Original Tax Return before the due date which is 5th August 2018 this year, can revise the return before the end of relevant assessment year i.e., 31st March, 2019.
  • A return can be revised before the completion of relevant assessment year or before the completion of assessment by Income Tax Department
  • A return can be revised only when there is no Notice or Enquiry in process from the Income Tax Department, and when any of the declarations are missing or entered incorrectly by the tax payer.
  • A revised return can be filed once the tax payer realizes that some mistakes are made while declaring their income details in the Original Return.

How many times can a tax return be revised?

An Assessee can revise a return every time he finds or discovers any discrepancy in the declarations as per the time limit prescribed for filing a revised tax return. The details of Original Tax Return have to be furnished every time while revising the return.

All necessary changes and corrections must be made cautiously and ensure no misuse of the facility happens to avoid further complications from the Income Tax Department.

Points to Remember

However, there are certain aspects a tax payer should remember when it’s about revising the tax return.

  • An Assessee can file a revised return only in case of genuine corrections or additions to the Original Tax Return
  • The last date to e-file the revised return will be before the end of relevant assessment Year. For example, for FY 2017-18, a return can be revised before 31st March 2019.
  • And the tax payer should mention the filing date along with acknowledgement number of the Original Return at the time of revising it.
  • Once a revised return is filed, the Original Return gets substituted with the revised one
  • The tax payer is expected to complete the ITR Verification process of the revised return so that it can be processed by the Income Tax Department
  • It recommended not to revise a return multiple times though there is no limit on the same.
  • In case the Scrutiny assessment of the tax return is done u/s 143(3) by the Assessing Officer as per Income Tax Act 1961, such return cannot be revised.

Revised Return Filing for FREE with H&R Block

Step 1: Login to your H&R Block account.

 

 

 

Step 2: Click on ‘View’ against relevant Financial Year. Kindly make necessary changes to your Original Return by clicking on relevant tab like Income, Deductions etc. You can ‘Save’ the changes made and go through the ‘Final Income Computation’ on ‘Review & e-File’ tab.

Now you can revise the return by yourself or through our assisted services.

Click on ‘Revise Return Myself’ in case you wish to revise the return by yourself as shown below.

(Click on ‘Revise Return By Expert’ in case you wish to get assistance from our Tax Expert.)

 

Step 3: Once you click on ‘Revise Return Myself’, the screen gets displayed with the ‘Acknowledgement Number’ along with the ‘Original Date of Filing’ details. In case you filed your Original Return through a different source, you can fill up these two fields.

 

 

Step 4: Once you check all the details and click on ‘Yes’,  your tax return will be revised and submitted to Income Tax Department. Upon successful confirmation of revising your tax return, you will receive the revised ITR from Income Tax Department on your registered email id. You can complete the ITR Verification process after which your return will be processed by Income Tax Department.

Revise Return through H&R Block Expert

Step 1: Login to your H&R Block account and click on ‘View’ against the relevant Financial Year. On ‘Review & e-File’ tab, click on ‘Revise Return By Expert’ in case you wish to revise assistance on revising your tax return through our Assisted Services as shown below.

Step 2: Click on ‘Try Expert Services’ to proceed further.

 

 

Step 3: You will get quick questions to answer on screen as shown below and click on ‘Continue’ to proceed further.

 

 

 

Step 4: After you make the payment based on your tax complexity and submit your details, you will get a pop-up screen that an Expert is assigned to you who will contact you within 2 working days to take it ahead.

An assessee can e-file a revised return in case of any genuine corrections/omissions to the Original Tax Return filed u/s 139 (1) before the end of assessment year under Section 139(5) of Income Tax Act, 1961. One can follow the step by step guide to revise the tax return and complete the ITR Verification process. One can also avail our Expert Assistance services to revise the tax return accurately. The tax payer can correct any genuine mistakes and revise the return instead of waiting till receiving notice/scrutiny from Income Tax Department. It’s always recommended to file your original I-T return carefully. But still there lies an opportunity to revise the return once the mistakes are noticed which also helps to avoid penalty.

How H&R Block can help you

Saving taxes and filing income tax return accurately becomes very easy when you have professional help. This is where we come into the picture. You can either use our intuitive tax filing platform to easily file your tax return or let our tax experts file it for you. We have a team of in-house tax experts who can accurately file your tax returns online while giving you maximum tax benefits.

    • HIRE AN EXPERT TO E-FILE YOUR TAX RETURN

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CA Shreya Oturkar
Shreya is a tax advisor at H&R Block (India) with intensive experience in SME taxation and audit. She holds an advanced post graduate qualification in accounting and is highly skilled in financial analysis and reporting. Apart from her professional achievements, Shreya is a talented artist with a flair for free-hand sketching!

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