As per the data available on the Income Tax Department’s official website, more than 34 million taxpayers have file Income Tax Return for the Assessment Year 2018-19. This was the data of ITR filing till 31st July 2018. The above-mentioned data saw a massive blow, as the due date to file Income Tax Return extended from 31st July 2018 to 31st August 2018. The taxpayers got an extra month to file their Income Tax Return. The right to file Revised Return.
If you are someone who his/her Income Tax Return on time, in order to avoid the hassle of last-minute filing. It so happened that you filed your ITR on time, but made some mistake, as you filed the ITR in a hurry. Now, you must be wondering how to rectify the mistake that you made. Well, you can rectify your mistake at the snap of fingers by filing a revised Income Tax Return.
A revised Income Tax Return can be filed under section 139(5) of the Income Tax Act. As soon as, you find an error in your Income Tax Return, you are allowed to file the revised Income Tax Return. A taxpayer can file reviseds Income Tax Return upto the end of the relevant Assessment year. In other words, ITR filed for Assessment Year 2018-19 can be revised till 31st March 2019, or before the assessment takes place, whichever is earlier.
How can a taxpayer file revise Income Tax Return?
A taxpayer can file reviseds Income Tax Return, in a similar manner the way he filed his original return. The revised return will carry the correct information, which was faulty in the original return. A revised return will contain the details like the filing date of original return as well as the acknowledgement number of the original return. The is no specific limitation on how many times a revised return should be filed.