There is usually a lot of rush when it comes to filing tax returns. The presence of a deadline just makes it a bit more stressful. Irrespective of how careful a person is, there are chances of making tiny mistakes or even bigger ones. But does that mean the end of the road for a taxpayer? Certainly not.

In a bid to meet the deadline of filing tax returns, the 31st of July, taxpayers tend to make some common mistakes. These mistakes include not claiming any deductions, missing to report any source of income or reporting an income source incorrectly. The tax returns require taxpayers to provide their bank details and individuals tend to provide them incorrectly. 

If you are aware of any such mistake, the next obvious question is how to correct  original ITR filed? Well, here is the good bit, you can revise tax return after filing. You can file revised return even if you have filed return after deadline of 31st July.

To keep up with the times, tax laws see regular modifications and amendments, which can be another reason for taxpayers making mistakes in their tax returns.  You can file revised return even if you have filed return after deadline of 31st July.

But, there is a small caveat. Post filing your returns if you have not verified the returns, it becomes easier to make any modifications or updates to your returns. The moment you verify your returns, the income tax department starts processing the same. Thus, anyone who has filed their returns on time and see some discrepancy can opt for revised returns.

While there are no restrictions as far as the number of times you can revise your returns, it is recommended to keep it to a minimum. The more revisions you make, the chances of coming under the scrutiny of the income tax department increases. 

If you are wondering how to file revised return, the following detailed steps will help you to do the same.

FILING REVISED RETURN USING myITreturn

Often, after Income-tax return is filed, taxpayers realise that they have made some mistakes in entering data for tax filing. There is nothing much to worry, if you realise that before the Income-tax Department finds it. You can revise / correct your return after it is filed. 

Revised return can be filed irrespective of the fact whether you have filed Original return from myITreturn.com or not. Even if you have filed from outside somewhere, you can file a revised return from myITreturn.com for the respective assessment year.

Time Limit to file the Revised Return:

Till Financial Year 2016-17 (Assessment Year 2017-18), the time limit to revise a return was earlier of:

1. before expiry of one year from the end of relevant Assessment Year or
2. before completion of assessment

This means that the return for Financial Year 2016-17 (Assessment Year 2017-18) can be revised only up to 31/03/2019.

From Financial Year 2017-18 (Assessment Year 2018-19), the time limit to revise a return is earlier of:

1. Upto the end of relevant Assessment Year or
2. before completion of assessment

This means that the return for Financial Year 2017-18 (Assessment Year 2018-19) can be revised up to 31/03/2019.

Original Return Filed after the Due Date:

Till Financial year 2017-18, only original return filed within the due date, could be revised.
But from Financial year 2017-18, an original return which is not filed within the due date can also be revised.

Revise your return using myITreturn:

You can revise your Income Tax return using myITreturn.
Even if you have not filed the original income tax return using myITreturn, you can use our website to file the Revised Return.

STEP 1:

Register on myITreturn if not already registered or Login if already registered.
Once you login, select the Financial Year and click on "If you wish to revised your return, click here" the Revised Return link is showing in the below mention page, if you had filed the Original return using myITreturn. 

If you have not filed the Original return using myITreturn, simply select the relevant Financial Year as marked in the below image and start entering your revised income details.

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STEP 2:

After you click on the Revise Return, kindly make the required changes using the tabs as highlighted.

STEP 3:

After the required changes are made, click on the option “e-file” and sub-option “Summary” to check your Tax summary.

Review the Tax summary once and if there is any Tax payable, pay the same and update it under “Tax Paid” tab. Click here  to know how to pay the Self Assessment Tax.

STEP 4:

Once you have  reviewed your return, you need to “e-file” the Revised Return.

STEP 5:

You will see the Acknowledgment Number and date of filing of the Original Return if you had filed your Original return using myITreturn. If you had not filed your Original Return using myITreturn, then you will have to manually enter the E-filing Acknowledgement Number and Date of filing of the Original Return.

Once the above mentioned details are entered, you need to pay the filing fees and file your return. After the revised return is filed you will have to e-verify your income tax return.

You can opt for our “Assisted Filing Service” if you require any assistance in Revising your Income-tax Return where myITreturn Tax Experts will file the Income-tax return on your behalf.

Conclusion

It is crucial to stick to the deadlines provided to make the most of all the features and facilities. Yet at times, due to some unforeseen events, one might miss out on filing their returns on time. Filing your returns post the deadline usually gets the tag of belated returns. And yes, you can revise belated return. 

An amendment made back in 2016 allows for revisions to belated returns as well. But it is still recommended to do it within the timeline, else you will run into the risk of paying the penalty as well. If you have filed your returns with myITreturn earlier, you can easily revise the same using myITreturn 

Though there is no specified revised return section, you can select the return filed earlier and make the necessary revisions.

FAQs

1. Can we revise return after assessment?
   Taxpayers who file their returns online, it is recommended to verify the ITR only after a second round of thorough check. Though you can revise the return after assessment, it is not that straight forward and needs some help. You can reach out to myITreturn and we will aid you in the same.
   
   
2. Can I see the difference in liable tax before filing a revised return?
   Yes. Once you login to myITreturn and proceed with a revision, before filing the return you can see a quick summary. This allows you to take a closer look at the modified or updated taxes before filing.