How To File A Revised Tax Return?

Here is how to file a revised income tax return: Visit the Income Tax website, now login to the Income Tax e-filing portal by entering user ID (PAN) and Captcha code. After logging in, you can proceed to click on the e-filing menu and then select the ‘Income Tax Return’ link.
Taxpayers should: Complete and mail the paper Form 1040-X, Amended U.S. Individual Income Tax Return, to correct errors to an original tax return the taxpayer has already filed. Taxpayers can’t file amended returns electronically and should mail the Form 1040-X to the address listed in the form’s instructions.

How to file revised income tax return online?

You can e-file the Revised Income tax return online if you have filed the original return online. Just log in to the Income Tax e-filing portal and follow the steps one by one. It is mandatory to keep the Income Tax Return-Verification (ITR-V) Form handy.

How to e-file revised it return?

You can e-file the Revised IT return online if you have filed the original return online. Just log in to the Income Tax e-filing portal and follow the steps one by one. It is mandatory to keep the Income Tax Return-Verification (ITR-V) Form handy.

What to do after filing a revised ITR?

(e) Verify the return: Once you have filed your revised ITR, ensure that you have verified the same. The income tax department will not accept your revised tax return unless it is verified. Even if your original return is not e-verified and you try to file a revised ITR, it will show an error.

Do I need to file a revised return?

You can file a Revised Return if you discover a mistake made in filing your original ITR. Further, if the income tax department issues a notice for any errors made in the ITR, you need to file a Revised Return. It is important to e-verify the Revised ITR within 120 days of filing.

How do I file a revised return?

Step-By-Step Guide To File Revised ITR

  1. Log In using user ID (PAN number) and Captcha.
  2. Click on the ‘e-Filing’ menu and select ‘Income Tax Return’.
  3. Now, on the next page, select the Assessment Year, ITR Form number and select ‘Revised’ under ‘Filing Type’.
  4. Click on ‘Prepare and Submit Online’

When can revised return be filed?

Ans. As per Section 139(5), an assessee can file a revised return 3 months before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

How do I file a revised 1040?

Here’s a step-by-step guide.

  1. Step 1: Collect your documents. Gather your original tax return and any new documents needed to prepare your amended return.
  2. Step 2: Get the right forms. The IRS form for amending a return is Form 1040-X.
  3. Step 3: Fill out Form 1040-X.
  4. Step 4: Submit your amended forms.

What happens if I made a mistake on my tax return?

If the due date for filing your tax return has passed, you can submit an amended tax return to correct most mistakes. You can’t electronically file an amended tax return. You must mail it to the IRS. If you realize you made a mistake but the due date for filing hasn’t passed, don’t file an amended tax return.

How do I file a revised return after assessment?

In the online ITR form under the ‘General Information’ tab, choose the ‘return filing section’ as ‘revised return’ under Section 139(5) and ‘return filing’ type as ‘revised’. Now enter the acknowledgment Number and Date of filing of the original return.

Is there any penalty for revised Income Tax Return?

The late filers, who are filing returns between January 1 and March 31, 2022, have to pay a penalty for the delay! Those who have a total income of over Rs 5 lakhs, have to pay a penalty of Rs 5,000, and those with less than Rs 5 lakhs income, pay Rs 1000.

Can I edit my tax return?

If you need to make a change or adjustment on a return already filed, you can file an amended return. Use Form 1040-X, Amended U.S. Individual Income Tax Return, and follow the instructions.

Can I file revised return after intimation u/s 143 1?

It is totally possible to file a revised return after the notice or intimation has been received by the taxpayer under Section 143(1) by the Income Tax Department. The revised return can be filed as per the Section 139 (5) of the Income Tax Act.

What does revised return mean?

What is a revised return? Revised return allows you to rectify the error or omission of facts made at the time of filing your original ITR. Filing a revised return simply means filing your return again but this time with the correct information.

How do I amend a 2021 tax return?

If you want to make changes after the original tax return has been filed, you must file an amended tax return using a special form called the 1040-X, entering the corrected information and explaining why you are changing what was reported on your original return. You don’t have to redo your entire return, either.

How do I file an amended return online?

If you need to amend tax return(s) that you prepared using an online program, you might be able to prepare an amended return using that program. However, the IRS doesn’t accept e-filed amended returns. You’ll need to print and mail the amendment using Form 1040X.

Where do I file amended 1040X?

If you’ve already e-filed or mailed your return to the IRS or state taxing authority, you’ll need to complete an amended return. You can file Form 1040X through the H&R Block online and software tax preparation products or by going to your local H&R Block office. Additional fees may apply.

Can you efile an amended return?

Can I file my Amended Return electronically? If you need to amend your 2019, 2020 and 2021 Forms 1040 or 1040-SR you can now file the Form 1040-X, Amended U.S. Individual Income Tax Return electronically using available tax software products.

What happens if you file wrong status?

The good news is that if you accidentally choose the wrong status, you can file an amended return to correct the mistake. However, if you filed using the married filing jointly status, you can’t change your status for that tax year to filing separate after the due date of the return.

Can you fix tax return mistakes?

Taxpayers who discover they made a mistake on their tax returns after filing can file an amended tax return to correct it. This includes changing the filing status and dependents, or correcting income, credits or deductions.

What is the deadline for filing an amended return?

  • Include copies of any forms and/or schedules that you’re changing or didn’t include with your original return.
  • To avoid delays,file Form 1040-X only after you’ve filed your original return.
  • Allow the IRS up to 16 weeks to process the amended return.
  • Can You efile a 1040X?

    You can’t e-file Form 1040X. If you’re filing a 2020 return, it can be filed electronically unless you or your spouse changed your Social Security number or your filing status changed. Due date for filing Form 1040X. To obtain a refund, you usually must file an amended return by the later of these dates: Within three years from the date you filed your original return

    Should I file an amended return?

    The IRS will contact you by mail if they need additional information to fix these types of errors. However, you should file an amended return if there’s an issue that changes your filing status, income, deductions, or credits.

    How to file revised income tax return: Step-by-step guide

    • ITR, or income tax return filing, is an abbreviation.
    • How to submit a revised income tax return, how to file a revised ITR, how to file a revised ITR, How to submit a Revised ITR over the internet When it comes to preparing our income tax returns, we are prone to make little errors (ITR).
    • Fortunately, the tax agency has a provision that permits taxpayers to correct any mistakes they made when completing their ITR.
    • Section 139(5) of the Income-Tax Act, 1961, permits taxpayers to correct errors in their initial tax filings by filing a revised return with the Internal Revenue Service.
    • It is necessary to file a revised ITR on or before the end of the applicable assessment year.
    1. When a tax return is filed for a financial year, it is considered to be for the assessment year after that year.
    2. However, it should be emphasized that, pursuant to Section 139(5) of the Income Tax Act, submitting a revised ITR technically entails filing a new ITR with the necessary adjustments.
    3. Revised returns are simple in that they are merely the same returns that have been amended to include all of the correct information.
    4. When submitting an amended return, you must include the information from the original return as well.

    Here is how to file a revised income tax return:

    • To begin, go to the Income Tax website and then log in to the Income Tax e-filing portal by entering your user ID (PAN) and the Captcha code provided.
    • After logging in, you may go to the e-filing menu and then click on the ‘Income Tax Return’ link to complete the process.
    • Your PAN will be automatically filled in on the following page. Choose your assessment year, ITR form number, filing type (original or updated return), and submission method as ‘Prepare and submit online
    • Under the ‘General Information’ tab of the online ITR form, select the’return filing section’ as’revised return’ under Section 139(5) and the’return filing type’ as’revised’
    • in the paper ITR form, select the’return filing section’ as’revised return’ under Section 139(5) and the’return filing type’ as’revised’
    • in the paper ITR form, select the’rev
    • Now enter the acknowledgement number and the date when the original return was filed in the appropriate fields. (When submitting an amended ITR, it is mandatory to include the 15-digit acknowledgement number.)
    • After that, complete or modify the appropriate data on the online ITR form before submitting the ITR.
    • Finally, e-verify the returns to expedite the processing of the returns and the processing of the reimbursement
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    Revised Return – How to e-File Revised Return of Income Tax

    • If you already submitted your initial income tax return online, you can use the same method to file your revised return.
    • Simply log in to the Income Tax e-filing portal and proceed through the procedures one by one to complete the process.
    • It is necessary to maintain the Income Tax Return-Verification (ITR-V) Form on hand at all times..
    • Income Tax Returns are filed in order to allow you to make a self-assessment of the taxes you paid throughout the course of the financial year in question.
    • It will also guarantee that any overpayments of tax made throughout the assessment year are credited back to your account.
    1. if there is an excess amount, the Income Tax Department will reimburse the money to your bank account that has been associated with your account.
    2. If you made a mistake in the first filing of your Income Tax Return – for example, by reporting your whole salary amount instead of your taxable income or by failing to make a house loan EMI payment – you have the opportunity to correct it by completing a Revised Income Tax Return.
    3. But only under the following circumstances will this be permitted.
    1. In the first instance, the initial return was submitted on time, that is, before July 31 of a given year
    2. There has been no completion of the department’s review of your I-T Return
    3. The error in the initial reply was a real omission
    4. nonetheless

    Ideally, the changes should be completed within one year of the assessment year’s end (i.e., by March 31, 2016) or before your files are evaluated by the Internal Revenue Service, which may take up to six months from when you submitted your initial ITR.

    E-filing Revised Return of Income Tax

    • You do not have to wait in line behind an income tax attorney or a certified public accountant to file your Income Tax Return or Revised Return. You may complete the process online. You may, however, only file the updated return online if you have filed the original return online at the same time. If you submitted your initial tax return in person, you should also file your updated tax return in person. To file your I-T Return online, you must first connect into the Income Tax e-filing portal and then follow the procedures provided below. For the first step, you’ll need the Income Tax Return-Verification (ITR-V) Form that was submitted with the initial tax return filing. To file a Revised Return, you will require a copy of your original IT Return, as well as the acknowledgement number and filing date of your original IT Return (which may be found in the ITR-V or in the I-T department’s e-filing site if you filed your original ITR online). To begin, log in to the Income Tax e-filing portal using your identification information.
    • Step2: From the top left menu, pick ‘Quick e-file’ from the drop-down menu.
    • The next step is to pick the assessment year and address, and then submit your option.
    • 4) On the following page, when you have finished reading the instructions, fill out the first part with your personal information.
    • Step5: In the second section, under ‘Filing Status,’ choose the employer type and return-related information that you want to use.
    • To file a revised return, you must select the appropriate option in column A21 (i.e., 139(5)) because you are filing a revision. Make sure the ‘Revised’ checkbox is selected in the box underneath it.
    • Seventh step: Fill in the acknowledgment number of the original ITR and the date on which the return was initially filed in column A24
    • 8. Fill in the proper information about tax exemptions and income on the following pages, as shown on the original return. Step 9: Fill out the form and submit it.
    • Step9: Print the ITR-V for the amended return and sign the ITR-V as evidence of your participation. Send it, along with the ITR-V of the original return, to the Central Processing Center (CPC) in Bengaluru for further processing. The ITR-V should be received by the CPC within 120 days of the ITR being filed.

    Before you file Revised ITR – Remember These

    • File your updated ITR in the same manner that you submitted your initial ITR, unless otherwise instructed. If you physically filed your original tax return, you will not be able to file your updated tax return online.
    • In the event that your initial tax return was submitted beyond the due date (July 31), you will not be permitted to file an amended return.
    • If the Internal Revenue Service has already processed your initial ITR, you will not be able to file an amended ITR.
    • Your return can be revised as many times as you wish, but keep in mind that frequent submissions will reveal anomalies in your account and may prompt the Internal Revenue Service to suspect you
    • When filing your ITR, you can only do so if you committed an accidental error in the first filing. If you are re-filing the return after an assessor from the Internal Revenue Service has discovered that you have made a mistake, it is not legitimate
    • If it is determined that the omission in the original ITR was caused by deliberate concealment of income or the fabrication of false information about investments or income in order to escape tax, you would be subject to a severe penalty.
    • If there is a mismatch between the income stated in the original and updated ITRs, the likelihood of you being penalized is increased.
    • You may prevent having to file your Income Tax Return more than than by making certain that the first time you file your ITR is completed correctly.
    • Refiling may result in needless queries from the Information Technology Department.
    • Although it is not necessary to re-file your ITR if the error or omission in your initial ITR was not intentional or planned, you should take advantage of the opportunity afforded by the I-T Department to do so.
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    File Revised Income Tax Return For AY 2021-22

    • 1.
    • Filing income tax returns at the last minute increases the likelihood of making unintentional mistakes.
    • If you are the one who overlooked anything or made a mistake in it and just realized your error after submitting your income tax return, don’t be concerned.
    • 1.1 The Income-tax Act of 1961 provides you with the opportunity to correct any errors by filing a revised income tax return.
    • The deadline for reporting an amended ITR for the fiscal year 2021-22 is March 31, 2022, or before the end of the assessment period, whichever is earlier.
    1. Since a result, it is not suggested that you wait until the 31st of March 2022 to file your updated return, as once the I-T Department completes the assessment, it will be the final day to make changes to your return.
    2. Wrong bank details, incorrect personal information, selecting the incorrect ITR Form, mismatch of income between the ITR and 26AS, failure to report or deduct income, failure to report and deduct losses, and other common errors in filing ITR can be rectified by filing Revised Return, amongst other things.
    3. 3.
    4. The revised return must be filed before the end of the relevant assessment year or before the completion of the assessment, whichever is the earlier.
    5. Section 139(5) of the Income Tax Act 1961 provides that if a person who has filed an original return discovers an omission or a false statement therein, he may file a revised return at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is the earlier.
    • 4.
    • Final DATE FOR Submitting REVISED ITR: The last date for filing a revised ITR is December 31 of the applicable assessment year, unless otherwise specified.
    • Following the outbreak of Covid-19, the government has decided to extend the deadline for reporting updated ITRs for fiscal years 2020-21 to March 31, 2022, rather than the previously scheduled deadline of December 31, 2021.
    • 5.
    • PROCEDURES TO COMPLETE IN ORDER TO FILE A REVISED RETURN (a) Go to the website www.incometax.gov.in and log in.
    1. (b) Checking on the status of things: First and foremost, go to the site and check on the status of your originally filed return.
    2. The route is as follows: e file > Income Tax return > View Filed Returns (if applicable).
    3. If the status of the return indicates that it has been processed, it cannot be changed.
    4. However, starting fiscal year 2020-21, the option to edit a return is open to taxpayers even if their return status is now displayed as ″Processed.″ According to some estimates, many taxpayers have already filed their annual information statements (AISs), which is why they are not visible on the internet until after they have done so.

    As a result of the information accessible in AIS, it is predicted that they would alter their return.The Acknowledgement Number is 15 digits long.The acknowledgement number / receipt number from the original return will be auto-populated, and the fact that the return was submitted according to section 139(5) will be emphasized.The receipt number and the acknowledgement number are the same.The procedure for submitting a TAB application There is no difference between the current situation and that of the original ITR.

    (d) Fill in the right information, taking into account the mistakes that were made in the original return, and simply file the return in the same manner that the original was filed.The procedure for submitting a revised ITR is the same as the procedure for submitting an original one.(e) Check the return for accuracy: Once you have submitted your updated ITR, be certain that you have validated the information included within.

    The income tax department will not accept your updated tax return unless it has been validated by an authorized representative.Trying to file a revised ITR after your original return has not been e-verified will result in a problem since E first validates your original return and then files your amended ITR, which will cause an error.(f) Verify that the Revised Return is correct.

    1. Even if you are filing an amended return, you must validate your information.
    2. You will not be able to proceed with the submission of an amended return until it has been verified.
    3. 6.
    4. Upon receipt of the updated return, the Income Tax Department looks for the original return, which is located by utilizing the 15-digit acknowledgement number provided by the taxpayer.

    The previously filed return is subsequently replaced with the newly updated form, which is then filed with the IRS.7.FEES AND PENALTIES There are no fees or penalties associated with submitting a Revised Return.8.

    ADDITIONAL IMPORTANT POINTS: Revisions can be made in either the same ITR Form that was used to submit the initial return or in a separate ITR Form entirely.As long as you file a revised return within the statutory time constraints, there is no limit to the number of revisions that may be made to your return.Returns that have been updated several times, on the other hand, have a higher risk of receiving a scrutiny letter from the Internal Revenue Service.(c) It is also possible to amend a late return.In the event that you have received an Income Tax Refund, you may still update your income tax return.

    The receipt of your reimbursement does not imply that your evaluation is complete.In the case of an income tax refund, an intimation under Section 143(1) is provided, which is distinct from the assessment described above.In accordance with Section 143, a revised return can be filed even after receiving an intimation (1) When a notification under Section 148 is received, an ITR can be changed since it is stipulated under Section 148 that for such returns, all of the requirements of Section 139 shall apply.

    • No penalty is imposed if an amended ITR is submitted before the notification under Section 148 is issued.
    • 9.
    • QUESTIONS THAT ARE REGULARLY ASKED: Q: I have already submitted the original return and made the necessary tax payments.
    • How should I make the necessary adjustments to the taxes paid when filing the amended Return?
    • Ans In the Taxes paid > Self Assessment tax paid section of the TAB, enter the specifics of the payment.
    • Q: Do I need to make any adjustments to the amount of refund I received from the initially filed tax return?
    1. A: No.
    2. No, there isn’t.
    3. When the updated return is processed, the refund amount that was previously given to you will be modified accordingly.
    4. 10.
    5. FINAL COMMENTS: In the event that a mistake is found after the initial return has been filed, it is strongly suggested that you correct the error yourself by filing a revised return rather than waiting for the government to send a notification.

    ***** Disclaimer: This post is intended only for informational reasons.The author may be reached at the following address:

    Sec 139(5): Revised Return under Income Tax

      glyde

      • Most recent update on September 10th, 2021.
      • A Revised Return, as defined in Section 139(5), is a new income tax return that is filed in order to correct mistakes and omissions that were made during the initial income tax return filing.
      • If you realize that you made an error when you filed your initial ITR, you can file a Revised Return.
      • You will also be required to file a Revised Return if the Income Tax Department sends a notice for any inaccuracies in the ITR that you have made.
      • It is critical that you e-verify your Revised ITR within 120 days of filing it for the first time.
      1. You can file a Revised Return directly from your account on the website.
      2. Refer to the plans provided below if you want to file your ITR with the assistance of a Chartered Accountant.
      3. Individuals earning a salary, receiving rental income from a single family residence, or receiving income from other sources can file their income tax returns with the assistance of a CPA.
      4. Individuals earning a salary, receiving rental income from a single family residence, or receiving income from other sources can file their income tax returns with the assistance of a CPA.

      Points to keep in mind before filing Revised Return u/s 139(5) in Income Tax

      • Once a Revise Return is submitted, it takes the place of the original return.
      • Please remember to electronically check your updated income tax return.
      • Input the ITR-V acknowledgement number as well as the date on which the original return was filed.
      • If you file your tax return beyond the due date, it is considered a late filing. Up to the 2017-2018 fiscal year, it was not possible to revise a late return. However, from the 2018-19 fiscal year forward, a late return can be rectified
      • Even if your original return has been processed, you can still file a Revise Return.

      When do you file a Revised Return under Sec 139(5)?

      Revising on your own

      1. In order to correct any inaccuracies or omissions from the original Income Tax Return
      2. To make public any income or information that was not previously disclosed on the initial Income Tax Return

      Example

      • Personal information such as residential status, address data, bank details, Aadhar number, email or cellphone number, kind of company code, and so on can be updated.
      • If you have filed your ITR using the incorrect ITR Form, you will be penalized.
      • If you have failed to record any additional income, foreign income, or foreign asset, you will be subject to a fine.
      • A mistake has been made in the first ITR submission, and an erroneous deduction has been claimed.

      Revising in response to a notice

      If the assessee agrees to a mismatch in the notice of proposed adjustment under Section 143(1), the proposed adjustment would be made (a)

      Under Section 143(1), the assessee must consent to a discrepancy in the notice of proposed adjustment (a)

      Example

      • If you file a late income tax return with a carrying forward loss, you will be issued a notice under Section 143(1)(a) of the Internal Revenue Code (iii). In order to fix this, you should file a Revised Return after making the necessary corrections.
      • When there is a discrepancy between the amount of income reported in the ITR and the gross amount reported on Form 26AS, you will be issued a notice under section 143(1)(a) (vi). In order to fix this, you should file a Revised Return after making the necessary corrections.

      Due Date to file Revised Return under Income Tax

      • Under the Income Tax Act, a Revised Return can be filed until the end of an assessment year or before the conclusion of an assessment, whichever is the sooner of these dates.
      • A revised return can be filed up to a year after the end of the financial year, if an assessee meets certain requirements.
      • Note: Beginning with the 2018-19 tax year, the time limit for filing an amended return has been decreased.
      • As a result, the submission deadline was: AY 2018-19 onwards – by the conclusion of the relevant Assessment Year.
      • Within one year following the conclusion of the relevant Assessment Year (up to and including AY 2017-18),

      Example

      • For the Income Tax Return for Fiscal Year 2018-19 (Academic Year 2019-20): The end of the assessment year is March 31, 2020
      • as a result, you have until March 31, 2020 to complete your Revised Return for Fiscal Year 2018-19.
      • For the Income Tax Return for Fiscal Year 2016-17 (Academic Year 2017-18): The end of the Assessment Year is on March 31, 2018
      • one year after the conclusion of the Assessment Year is on March 31, 2019. As a result, you have until March 31, 2019 to file your Revised Return for Fiscal Year 2016-17.

      How to file Revised Return u/s 139(5)?

      • On the income tax website, you may file a Revised Return using your existing account information. Go to incometaxindiaefiling.gov.in and sign in to your account
      • Select e-File > Income Tax Return from the drop-down menu.
      • Fill up the blanks with the necessary information.
      • Submit the XML file when it has been uploaded.

      The following is a step-by-step guide to filing a Revised Return on the Income Tax website.

      FAQs

      • Is it possible to file a Revised Return for a Belated Return that was submitted beyond the due date?
      • Yes.
      • As a result of the adjustment made in Budget 2016, you would be able to file a Revised Return u/s 139(5) for a Belated Return u/s 139(4) beginning in the fiscal year 2018-19.
      • Here’s an illustration of what I mean.
      • What is the maximum number of times an amended return may be filed?
      1. If a return is updated more than once, it must be done before the expiration of one year from the end date of the assessment year or before the department has finished its assessment, whichever occurs first.
      2. Is it possible to file a Revised Return once the initial ITR has been processed?
      3. In fact, you can file a revised ITR before the due date, even if your initial ITR has already been completed and your tax refund has been granted (in case you were eligible for a tax refund).

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      • Updated at 10:37 a.m.
      • on March 21, 2022.
      • When you understand the basics of income tax filing, such as when to submit an income tax return and how to file an income tax return, the process becomes easier and more exact.
      • And, last, how do you file your income tax e-returns?
      • In this section, we will learn more about the filing of updated income tax returns under Section 139(5) in the fiscal years 2020-21 and 2021-22.
      1. Many individuals may find it difficult to complete and file their income tax forms.
      2. Despite the fact that they are meticulous while submitting their tax returns, they may make a mistake or fail to include a source of income in their return.
      3. if you have made a mistake in your income tax filing, the Income Tax Department will give you a second chance to remedy the error and submit a right return, the department will give you a second chance to rectify the error.
      4. According to the requirements of Section 139 (5) of the Income Tax Act, 1961, you have the right to make changes to your income tax returns.
      5. Let’s take a look at what a revised income tax return is and how to submit one — first and foremost.

      What are Revised income tax returns under Section 139 (5)?

      • Section 139 (5) of the Income Tax Act, 1961, permits taxpayers to file a revised income tax return if they have made a mistake in the previous returns that have been filed with the government. These types of errors can occur for a variety of causes, including the following: Incorrect bank account information
      • incorrect personal information
      • use of the incorrect income tax return form
      • mismatch of income between the income tax return and Form 26AS
      • omission of the residential status from the income tax return
      • The unintentional failure to record foreign income or foreign assets, among other things
      • In accordance with Section 139 (5) of the Income Tax Act, 1961, taxpayers may file a revised income tax return if they believe they have made a mistake on their previous filings.
      • The following factors can contribute to such errors: Using the incorrect income tax return form, providing incorrect personal information, mismatching income between the income tax return and Form 26AS, failing to specify one’s residence status, and so on are all examples of mistakes that might happen.
      • Foreign income or foreign assets are not recorded due to an unintentional omission.

      Who can file a revised income tax return under Section 139(5)?

      The ability to edit and resubmit an income tax return is available to every taxpayer who has already filed an income tax return. The IRS allows you to file a revised income tax return even if your return is filed after the due date, which is referred to as a ″belated income tax return.″ A belated return is one that is filed after the due date.

      How to e-file revised income tax return on income tax website?

      1. Revised income tax returns can now be filed online through the Income Tax Department’s e-filing website, which has been made possible by the electronic filing of income tax returns. In such circumstances, the procedures for electronically filing your updated income tax returns are as follows: – In lieu of completing an online revision of your income tax return, if you have already completed an offline revision of your return, you can submit the XML of your updated return to the IRS website. As a reminder, the procedure is as follows: Visit the Income Tax Department’s e-filing website, and then download the relevant ITR preparation software from the website. This may be accomplished by selecting the ‘IT Return Preparation Software’ link, which is available under the ‘Downloads’ section.
      2. Extract the downloaded program into a new folder and double-click on the folder to launch the software
      3. alternatively, you may import the XML of the return that has already been posted but has to be revised
      4. and finally, click on the button to start the software. You may obtain such XML by selecting ‘My Account’ and then ‘View e-filed returns or Forms’ from the drop-down menu. Select the appropriate ‘Income Tax Return’ from the drop-down menu and then click on ‘Submit’ to complete the process. Make a selection of the appropriate ‘Acknowledgement Number’ of the ITR to be amended and then click on ‘XML’ to download the corrected return
      5. If you are filing a revised income tax return according to Section 139 (5), you should choose that option in the ITR software under ‘Submitted u/s’
      6. you should then input the ‘Acknowledgement Number’ and the ‘Date of Filing’ of the original income tax return that you filed. The acknowledgement number should be a 15-digit number that is made accessible to you when you file your income tax returns electronically. To the contrary, if you have filed your income tax returns offline and your acknowledgment number is not in the form of a 15-digit number, the acknowledgement number should be suffixed by the number ‘0’ as many times as is necessary to make it a 15-digit number.
      7. Correcting any errors in the ITR form and creating an XML file with the amended return
      8. Enter your user ID, password, and the captcha code that appears on the screen to connect into your account on the income tax site.
      9. Select ‘Income Tax Returns’ from the drop-down menu on your account’s home page.
      10. If your PAN Card number is automatically inserted in the PAN card data field when the ‘Income Tax Return’ page appears, you will not have to do anything. You should then select one of the following options –
      1. Assessment Year
      2. ITR Form Number
      3. Assessment Type
      4. You would have to select ‘Original/Revised Return’ from the drop-down menu under ‘Filing Type’
      5. from the drop-down menu under ‘Submission Mode,’ you would have to select ‘Upload XML’.
      • Following that, you should submit the XML of the corrected return to the e-filing site
      • after that, you would have to e-verify your revised income tax return with the Internal Revenue Service. Additionally, you can get your return verified offline by sending it to the Centralized Processing Center of the Income Tax Department in Bengaluru by rapid post.

      When to file a revised income tax return?

      • If you have changed your income tax return, you must file it within a specific time period. This period begins no later than the earlier of the following: three months before the end of the relevant assessment year
      • three months before the end of the relevant assessment year
      • three months before the end of the relevant assessment year
      • and three months before the end of the relevant assessment year.
      • Finalization of the evaluation
      • For the financial year 2020-21, if you are required to file a revised income tax return, the revised return must be completed either prior to the completion of assessments or before to December 31, 2021, whichever is the later.
      • Note: Prior to FY 2017-18 (AY 2018-19), a revised return may be filed until the end of the relevant AY, which was one year after the end of the previous AY.
      • This implies that a revised return for AY 2017-18 (FY 2016-17) can be filed until the earliest of the 31st of March, 2019 or the end of the assessment process is reached.

      What are the consequences of filing a revised return?

      • Ans – If you make just modest modifications to your amended return, such as changing your bank account information or personal information, there will be no negative implications to submitting a revised return.
      • However, if the amended return contains undeclared income or contains other significant rectifications, the tax department may notice the change and the tax submitted in the previous return may be subjected to further examination.

      Things to keep in mind when filing a revised income tax return

      • In the event that you need to file an amended income tax return, here are some important points to keep in mind: A revised income tax return would totally replace the original income tax return in terms of taxation. As a result, once the updated return is submitted, it will be deemed to be the taxpayer’s final income tax return for the purposes of calculating his or her tax liability.
      • If your income tax return has been processed and you have received a refund, you may file a revised return if you do so before the deadline for filing the original return.
      • If it is necessary to make changes to the ITR form, an amended return can be submitted.
      • Because there is no limit to the number of times you can file a revised tax return, you can file a revised tax return as many times as you wish.
      • If the assessing officer completes the assessment of your income tax return in accordance with the provisions of Section 143-(3) of the Income Tax Act, 1961, you will not be able to file a revised return.
      • If you file an amended income tax return, the income tax department will not impose any penalties or charges against you.
      • So, don’t be concerned if you make a mistake when completing your income tax return because of the legalities involved.
      • You have the option of filing a revised return in order to address any mistakes you may have made.
      • If you do not file a corrected return and the income tax department discovers that you have made a mistake, the department will send you a notice outlining the errors.
      • If you are entitled for an income tax refund, the refund will not be processed until a corrected return has been filed and approved by the IRS.
      1. As a result, make any necessary revisions to your income tax returns and file a proper return.

      FAQs on Revised Income Tax Return

      Q- How to correct a submitted income tax return?

      By filing a revised income tax return, you can make changes to your income tax return that were previously filed.

      Q- Can I file a revised income tax return?

      Yes, any taxpayer who files a revised income tax return before the end of the assessment year or before the end of the assessment of the return, whichever is earlier, is eligible to have the return assessed.

      Q- By when can the revised return for AY 2020-21 be filed?

      The updated return for assessment year 2020-21 must be filed on or before the 31st of December 2021, or by the end of the assessment period for the original return, whichever is the sooner of these dates. Take professional assistance to avoid future delays.

      Q- What if the revised return has some errors in it?

      Alternatively, if any problems are found in the updated return, you can file another revised return within the given time period to remedy them.

      Q- Do I need to e-verify the revised ITR which I file?

      It is true that the updated ITR must also be e-verified in order to complete the tax filing procedure.

      Q-How many times returns can be revised?

      Yes, in order to complete the tax filing procedure, the updated ITR must also be e-verified.

      Q-What is the last date to file a revised return?

      According to Section 139(5), an assessee has three months before the end of the relevant assessment year or before the completion of the assessment to file a revised return, whichever is the earliest.

      Q- How do I correct a defective income tax return?

      A faulty return can be rectified by submitting an amended return with the IRS.

      Q-Who can file a revised return?

      A person who submits the original tax return on or before the due date will be able to file the updated income tax return on the same day as the original.

      Q- Does revised return replace original return?

      To be clear, a revised income tax return would totally replace the original income tax return. As a result, once the updated return is submitted, it will be regarded to be the taxpayer’s final income tax return for the purposes of calculating his or her tax liability.

      Q- What happens if I file revised ITR?

      • The following are the consequences of filing a revised income tax return:- A revised income tax return will completely replace the original income tax return, and it will be considered to be the taxpayer’s final income tax return
      • – A revised income tax return will be considered to be the taxpayer’s final income tax return
      • – A revised income tax return will be considered to be the taxpayer’s final income tax return
      • – A revised income tax return will be considered to be the taxpayer’s final income tax return
      • – A revised income tax return will be
      • The number of times you may file a revised tax return is unlimited, and there is no limit to the number of times you can file a revised tax return
      • nevertheless, making several revisions may result in a notification from the income tax authorities.
      • If you make just modest modifications to your amended return, such as changing your bank account information or personal information, there will be no ramifications from submitting a new return. Nevertheless, if the amended return contains undisclosed income or contains other significant rectifications, the tax department may notice the change and the tax submitted in the previous return may be subjected to further examination.

      Q- Can revised return be filed after assessment?

      According to Section 139(5), a revised return can be filed no later than three months before the end of the relevant assessment year or the end of the assessment period in question.

      Q- What is return filed under 139?

      Return of revenue is represented by the number 139. Remove this question because we already have a guide for all of the subsections of section 139.

      Q- What is return filed under 143(1)

      Yes, an amended return can be submitted beyond the 143-day period (1).

      Q- Is there any penalty for revised return?

      Yes, an amended return can be submitted after the 143rd day of the tax period (1).

      Q- Can income tax returns be revised?

      Yes, an ITR can be updated within a certain time limit set forth in Section 139(5), which is the earlier of three months before the end of the relevant assessment year or the end of the assessment process.

      Q- How do I submit a revised income tax return?

      The process of submitting a revised return is straightforward and illustrated in our guidance above; please refer to it for more information, and if you want professional support, tax2win would be pleased to assist you; just click here for more information.

      Q- How can I cancel my revised return?

      The cancellation of a filed document is not feasible, however if the corrected return has any mistakes, it can be changed again within the time period prescribed in Section 139 of the Internal Revenue Code of 1986. (5).

      Q- How long does revise returns take?

      • It is dependent on the details with which the original return was submitted, the errors that were included in that original return, and the complexity of the ITR form, which is determined by the form type.
      • CA Abhishek Soni is a well-known actor.
      • In his professional life, Abhishek Soni is a Chartered Accountant, and in his personal life, he is a successful entrepreneur.
      • He is the co-founder and chief executive officer of Tax2Win.in.
      • Tax2win is one of the top 25 emerging startups in Asia, and it has been designated as an ERI by the Income Tax Division.
      1. He formerly worked with EY and has a broad range of industry experience ranging from telecommunications to retail to manufacturing to entertainment, where he has managed a variety of national and international projects.
      2. X

      How to file a revised return?

      • Are you one of those people who has filed their income tax return but afterwards realized that you made a mistake when filing the form?
      • If so, you are not alone.
      • Then there is no need to be concerned since you may correct the error by filing a Revised Return.
      • Yes, you read it correctly.
      • Regardless of how minor or significant the error is, it may be corrected by filing a Revised Tax Return.
      1. According to the requirements of the Income Tax Act, 1961, you have the option of filing a Revised Return to correct any errors in your return.

      What is the due date to file Revised Return?

      The deadline to file a Revised return is March 31, 2022, or before the end of the assessment period, whichever is earlier. Note: It is suggested that you do not wait until the 31st of March 2022 to file your updated return since after the IT Department completes the assessment, it will be the final day to modify your return before it is too late.

      How to file Revised Return?

      • Step 1: Access the portal with your web browser.
      • 2: Go to the portale-file > Income Tax return > View Filed Returns to see if your original filed return has been received or not.
      • It is important to note that if the status indicates that the return has been processed, it cannot be changed.
      • In contrast, for the fiscal year 2020-21, the option to edit a return is also open to taxpayers whose return status is now displayed as ″Processed.″ According to some estimates, many taxpayers have already filed their annual information statements (AISs), which is why they are not visible on the internet until after they have done so.
      • It is anticipated that the return will be revised in light of the information available in AIS.
      1. Step 3: 15-digit identification number The acknowledgement number / receipt number from the original return will be auto-populated, and the fact that the return was submitted according to section 139(5) will be emphasized.
      2. The receipt number and the acknowledgement number are the same.
      3. The procedure for submitting a TAB application There is no difference between the current situation and that of the original ITR.
      4. Then, rectify any errors made in the original return by filling in the appropriate information, and just file the return as if it were the original one.
      5. The procedure for submitting a revised ITR is the same as the procedure for submitting an original one.
      • Step 5: Once you have submitted your updated ITR, double-check to be sure that everything is correct.
      • The income tax department will not accept your updated tax return unless it has been validated by an authorized representative.
      • Please keep in mind that if your initial return was not e-verified and you attempt to file an amended ITR, you will receive an error.
      • A amended return cannot be filed unless the original return has been electronically verified.
      • (f) Verify that the updated return is correct.
      1. Even if you are filing an amended return, you must validate your information.
      2. You will not be able to proceed with the submission of an amended return until it has been verified.

      Following are the illustrations of common errors can be made while filing an Income Tax Return;

      • The following are some of the most typical mistakes made while submitting an ITR that may be addressed by filing a Revised Return: incorrect bank data, incorrect social security number, and incorrect address.
      • – Incomplete or incorrect personal information – choosing the incorrect ITR Form – mismatch between income reported on the ITR and income claimed on Form 26AS, – failure to add income or claim deductions, – failure to record and carry forward losses, and so on.

      Following points should be noted;

      • 1.
      • As soon as the Income Tax Department receives this corrected return, it looks for the original return, which is located by utilizing the 15-digit acknowledgement number that was provided.
      • Afterwards, it will replace the previously filed return with the newly amended return that has been submitted.
      • 2.
      • Filing a Revised Return will result in a penalty being assessed.
      1. It is possible to make a revision in the same ITR Form as the initial return, or in a new ITR Form entirely.
      2. 4.
      3. There is no limit to the number of times you can file a revised return, as long as you do so within the time constraints that have been established.
      4. Note: Returns that have been updated a number of times have a greater risk of receiving a scrutiny notice from the Internal Revenue Service.
      5. 5.
      • You have the option of revising the late return.
      • 6.
      • You have the right to alter your income tax return even if you have received a refund from the IRS.
      • The receipt of your reimbursement does not imply that your evaluation is complete.
      • In the case of an income tax refund, an intimation under Section 143(1) is provided, which is distinct from the assessment described above.
      1. 7.
      2. A revised return can be filed even after getting an intimation under Section 143(1) of the Income Tax Act (f) Because it is established in section 148 that for such returns, all of the requirements of section 139 apply, it is possible to alter an ITR after receiving a notification under the terms of section 148.
      3. No penalty is imposed if an amended ITR is submitted before the notification under Section 148 is issued.

      How to E-File Revised Return

      • Did you use TaxCloud to electronically file your original income tax return?
      • Simply open the assessee’s tax record in TaxCloud and click on the ″Mark this Tax Return as Revised″ button to file an updated return, and the revised return will be filed automatically.
      • This article will explain how to produce a Revised Tax Return on TaxCloud if the Original tax return was not submitted on TaxCloud in accordance with IRS regulations.

      Step 1.

      To begin, log in to TaxCloud. Select the appropriate assessment year when creating a new tax entity for your customer. Then click on the ″Work on this entity″ option to begin working on it.

      Step 2.

      Once the entity has been opened, you may proceed with the rest of the process.

      1. Select Advanced Options from the drop-down menu in the top right corner of the screen after clicking on Options in the top right corner.
      2. Select Directly Revise the Tax Return from the drop-down menu.

      Step 3.

      Input the Acknowledgement Number as well as the date of the initial submission. Keep in mind that while modifying a return, you should always include information about the initial filing (first filing), not information about any previously revised returns. To make changes to your return, click on the blue button below.

      Step 4.

      Yes, that’s all there is to it. Fill in the blanks with your information under each heading; it’s as simple as following this tutorial. Once you have done making the necessary adjustments, you may proceed to e-File your Revised Tax Return. Begin e-Filing on TaxCloud right away! More Guides may be found here >>

      Income Tax Return: A Step-By-Step Guide To File Revised Income Tax Return

      Home >Business

      Revised ITR: The I-T department has a provision to allow the taxpayers to correct their errors and file a revised ITR. Section 139(5) of the Income-Yax Act, 1961 has the provision for the same.

      Everything is finished, certainly. It’s as simple as following this tutorial to fill out your information under each section head. Once you have completed your revisions, you may proceed to e-File your Revised Tax Return. Begin e-Filing your Revised Tax Return on TaxCloud immediately! More Guides may be found here.

      Step-By-Step Guide To File Revised ITR

      1. Utilize the official website, logging in with your user ID (PAN number) and solving the captcha
      2. If you want to file an income tax return electronically, go to the ‘eFiling’ menu and choose the appropriate option.
      3. Afterward, on the following page, pick the Assessment Year, the ITR Form number, and the ‘Revised’ filing type from the drop-down menu
      4. Select ‘Prepare and Submit Online’ from the drop-down menu.
      5. Select’return filing section’ from the drop-down menu under the ‘General Information’ tab.
      6. Under that menu, select’revised return,’ and under the’return filing’ option, select’revised return,’ respectively
      7. Input the acknowledgment number as well as the date of filing (in the original).
      8. Complete the form and click on the ‘Submit’ button.
      9. You can now proceed with the e-verification of the returns.

      Utilizing a user ID (PAN number) and a captcha, go to the official website.Select ‘Income Tax Return’ from the ‘e-Filing’ drop-down menu.On the following screen, pick the Assessment Year, ITR Form number, and ‘Revised’ under ‘Filing Type’; then click ‘Submit’.Select ‘Prepare and Submit Online’ from the drop-down list.

      Pick ″return filing section″ from the drop-down menu under the ″General Information″ tab.Revised returns may be found under the’returns filing’ menu, and they can be found under the’returns filing’ menu, as well.The acknowledgment number and the date of filing (in the original) should be included.

      • Submit your information when you have filled in all of the necessary information.
      • You can now proceed with e-verification of the returns.

      How to File an Amended Tax Return with the IRS

      Apple Podcasts |Spotify |iHeartRadio are all good places to start.The Most Important Takeaways If you submitted a tax return with information that was either missing or wrong, you can modify your tax return by completing Form 1040-X.

      Form 1040-X should not be used to disclose clerical problems, which the IRS will address on its own.Important changes, such as amending your filing status, adding or deleting a dependant from your household, claiming tax deductions or credits that you missed, or adding taxable income that you forgot about, should be reported using this form.When submitting an updated return, you must do so within three years of the original filing deadline, or within two years of paying the tax owed for the year in question if the original filing deadline was later.

      • Mistakes happen, and they happen on tax returns as well.
      • That’s why the Internal Revenue Service enables taxpayers to make changes to their tax returns after they’ve already filed them if they uncover an error on a previously filed return.
      • What you need to know about submitting an updated tax return is outlined here.

      When to file an amended tax return

      • There are instances when you should alter your tax return and others when you shouldn’t, and you should know the difference. Here are some examples of instances where an amendment is required: Your tax deduction or credit was denied because you did not file a timely tax return
      • You made the mistake of claiming the incorrect tax filing status
      • You must either add or remove a dependency from your system.
      • When you filed your tax return, you neglected to declare your taxable income.
      • You come to the realization that you have claimed a cost, deduction, or credit for which you were not entitled
      • The majority of the time, you won’t be required to file an updated tax return after discovering math or clerical problems on a recently filed tax return. Many times, the Internal Revenue Service will fix these sorts of errors on its own and, if required, will issue you a bill for the excess tax that was assessed in error as well as a refund if the error was in your favor. Before submitting an updated return, check to see if the Internal Revenue Service has already processed the tax return you need to modify. You may then be certain that the Internal Revenue Service will not confuse your original return with your revised return. If you’ve already received your tax refund, you may be certain that the Internal Revenue Service has already processed your return. It’s important to remember that you have three years from the initial filing deadline, or two years from the date on which you paid the tax due for that year, whichever is later, to file an amended return in order to seek a refund from the Internal Revenue Service.

      If you are outside of that time frame, you will not be able to obtain a refund by changing your return.

      How to file an amended tax return

      The procedure for filing an updated tax return is quite basic and uncomplicated. Here’s a step-by-step guide to getting started.

      Step 1: Collect your documents

      Gather your original tax return, as well as any additional papers that may be required for the preparation of your amended return.The W-2 or 1099 form you received may be a revised or updated version if you made an error on your tax return and need to make a correction.To claim a tax deduction or credit that you didn’t claim previously, you’ll need documentation to support the new deduction you’re claiming.Examples of such documentation include the receipt for a charitable donation, a new or amended Form 1098 Mortgage Interest Statement, or Form 1098-T to claim an education credit.

      In the event that you initially filed your tax return using TurboTax, you can access your tax return online and print a copy of that return by logging into your account at TurboTax online.Alternatively, you can print a PDF of your return from the copy of your tax return that is currently saved on your computer by clicking on the Print PDF button.Tax transcripts can be ordered from the IRS.gov website if you did not file your return using TurboTax and cannot locate a copy of it.

      • If you did not file your return using TurboTax and cannot locate a copy of it, you can order a copy of your tax transcript using the Get Transcript tool on the IRS.gov website.
      • The majority of the lines from your tax return, including income, deductions, credits, and tax payments, are shown on your tax transcript.
      • TurboTax Consider including any new or amended documents required to support your changes when filing an amended return.
      • For example, a new or amended W-2 or 1099 form to report additional income, a new or amended Form 1098 Mortgage Interest Statement, or a Form 1098-T to claim an education credit should all be included when filing an amended return.

      Step 2: Get the right forms

      Form 1040-X, which is provided by the Internal Revenue Service, is used to alter a tax return.Obtain any forms that may be affected by your modification as well.A copy of Schedule A for the tax year in question will be required if you’re making changes to your itemized deductions, as an example.You’ll need a copy of Schedule B if you want to make changes to your tax return to include additional interest or dividend income.

      If there are any changes to the income or costs of a trade or business, Schedule C and Schedule SE will be required.Form 8949 and Schedule D, among other things, will be required to keep your capital gains and losses up to date.You may also use TurboTax to prepare your revised tax return.

      • In order to accomplish this, you must utilize the version of TurboTax that corresponds to the tax year that has to be amended.
      • Example: If you need to make changes to your tax return for 2020, you must utilize the TurboTax 2020 edition of the software.
      • If you used TurboTax to create your initial tax return, log in to your account, access the tax return you previously filed, and click on the link to edit your return to make the necessary changes.
      • From there, the program will guide you through the process of filing the modification with the appropri

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