ITR Filing: How to Revise Your Return if You Made a Mistake

Introduction

ITR filing is a crucial task that еvеry taxpayer must do before the deadline. But what if you rеalizе that you have made a mistakе in your ITR after submitting it? Don’t panic; you can still revise your rеturn and correct thе еrrors. In this article, we will еxplain how to rеvisе your ITR, what аrе thе conditions and consequences of doing so, and what arе thе common mistakes to avoid when ITR filing. 

Steps to Revise Your Return if You Made a Mistake

• Visit the Income Tax website, then input your user ID (PAN) and Captcha code to access the Income Tax e-filing portal.
• After signing in, go to the e-filing menu and click on the ‘Income Tax Return’ option.
• Your PAN could be auto-populated on the next page. Then, choose the assessment year, filing type (original or updated return),  ITR form number, and submission option as “Prepare and submit online.”
• Choose the return filing section as ‘Revised return’ under Section 139(5) and the return filing type as ‘Revised’ on the online ITR form under the ‘General Information’ tab.
• Now insert the original return’s acknowledgment number and date of filing (when submitting an updated ITR, include the 15-digit acknowledgment number).
• Then, fill up or modify the required data on the online ITR form before submitting the ITR.
• Finally, e-verify the returns to expedite processing and refunds.

Points to Consider Before Submitting Revised Return

• Recognize the Need for Revision

First and foremost, you must recognize when it is required to amend your income tax return. Errors in reporting your income, inaccurate deductions or exemptions claimed, or inaccuracies in supplying personal data such as your name, address, or bank account information are all reasons for the revision. 

• Check for Revision Eligibility

Discovering if you are entitled to amend your income tax return is critical. Only specific types of returns are subject to amendment. Individuals who file their income tax returns using Forms ITR-1 (SAHAJ) or ITR-4 (SUGAM) are now entitled to modify their returns. You cannot alter your return if you submit any other ITR form. As a result, it is critical to thoroughly verify your return before submitting it to guarantee accuracy.

• Understand the Time Limit

You must modify your income tax return within a particular time limit. According to current norms, you may update your return until the end of the assessment year or before the assessment is completed, whichever comes first. It is best to correct any errors as soon as possible to minimize issues or delays.

• Types of Errors Eligible for Revision

When submitting a revised return, it is critical to identify errors or omissions that may be corrected. The Income Tax Act provides for an amendment if there are any mistakes or omissions in the initial form regarding income, deductions, exemptions, or any other facts. Common errors that may be corrected include improper income reporting, claiming incorrect deductions or exemptions, and submitting inaccurate personal information such as name, address, or bank account information.

• Documentation and Supporting Papers

Ensuring that all supporting papers and pertinent documentation are in order while submitting an amended return is critical. Form 16, Form 16A, bank statements, investment evidence, rent receipts, and any other documentation proving your income, deductions, or exemptions claimed may be included during ITR filing. Proper documentation aids in validating amended data and guarantees the transparency of the revised return.

• Assessing the Impact of Revision

Before filing a revised return, you must consider the impact of the revision on your tax due. Examine the adjustments made in the updated return carefully and examine the effect on total income, tax liabilities, and any refunds or dues. This evaluation will assist you in comprehending the financial consequences of the change and ensuring appropriate reporting of your tax due.

Final Thoughts

Rеvising your ITR filing is a simple and convеniеnt way to rеctify any еrrors or omissions that you may have made while filing your original rеturn. However, you should be careful to rеvisе your ITR within the prescribed time limit and follow the correct procedure. You should also avoid making common mistakes such as choosing the wrong form, еntеring incorrеct dеtails, or forgеtting to vеrify your rеturn. By following these tips, you can еnsurе that your ITR is accurate and complеtе and avoid any pеnaltiеs or noticеs from the tax department.