ITR can be revise, Yes, it is possible to revise an income tax return after it has been process by the Income Tax Department. Under Section 139(5) of the Income Tax Act, 1961, taxpayers have the option to revise their ITR if they discover any errors or omissions in the original return filed.
Revising an ITR allows taxpayers to correct any mistakes or update any missing information that may have been unintentionally overlook in the initial filing. This provision ensures that taxpayers have the opportunity to rectify any inaccuracies and provide accurate information to the Income Tax Department for assessment purposed. This could include situations where they forgot to report certain income or deductions or made mistakes in reporting their income or tax liability.
Here are the key points to keep in mind when ITR can be revise:
There is a time limit for filing a revise return, which is within one year from the end of the relevant assessment year or before the completion of assessment, whichever comes earlier.
When a ITR can be revise and file, it replaces the original return that was previously submit. All the information provided in the revise return will taken into account for the assessment process, superseding the details mention in the original return. Procedure to revise return: The procedure to revise an income tax return is similar to filing the original return. The taxpayer needs to log in to the e-filing portal, select the option to file a revise return, make the necessary changes, and submit the revised return.
Additional tax liability:
If the revised return results in additional tax liability, the taxpayer needs to pay the additional tax along with any applicable interest.
Revised return not allowed in certain cases:
A revised return cannot be file if the original return was file after the due date or after the completion of assessment.
In summary, revising an income tax return is possible even after it has been process by the Income Tax Department, but it must be do within the specify time frame and subject to certain conditions.
To visit:https://www.incometax.gov.in
