The due date to file Income Tax Return for the Financial Year 2017-18 is 31st July 2018. In case you file your ITR wrong, you must be thinking what you should do next? Well, in that case don’t worry, you can make the correction and file your revised return.
Under section 139(5) of Income Tax Act gives an opportunity to the taxpayers to rectify their mistake by filing a revised Income Tax Return. As per this section, if someone after filing their return discovers any omission or wrong statement, then he can furnish a revised return any time before the end of relevant financial year or before the completion of assessment, whichever is earlier. Assessment year is the year immediately following the financial year for which the return is supposed to be filed.
This is how a taxpayer can file revised return.
What is a revised return?
Revised return gives the taxpayer a chance to rectify the error that a taxpayer has made while filing his/her income tax return for the original ITR. Revising your ITR is nothing but filing the ITR again with the correct information. When filing a revised return, you need to mention details of the original return.
Who can file revised Income Tax Return?
Every taxpayer can revise their Income Tax Return under section 139(5) of the Income Tax Act and they are required to provide the correct information to the Income Tax Department while revising their original ITR. Earlier anyone who has filed their Income Tax Return before the due date were eligible to file their revised income ta return, taxpayers who filed belated returns, that is after the last date to file the original Income Tax Return were not allowed to revise it, but now the taxpayers can revise the belated returns as well.
The last date to file ITR is just 7 days away, so file your ITR now and get an instant discount of Rs.50 by applying our coupon code ITR50. You can also earn by using our refer and earn scheme, you just have to tell others about us and earn.