Income Tax Return is an indispensable element of our earning regime daily, monthly as well as yearly regime and staying away from it an invitation to legal complications. Many a times while filing our Income Tax return, we make mistakes somewhere or the other. Now in the event of any mistake having happened while filing return, it is better to file Revised Income Tax Return to escape any penalties or legal consequences.
Revised Income Tax Return – a must to rectify any mistakes in Original return of Income Tax to escape any Penal Consequences
The possibility of errors is everywhere although following the right process considering the important points in the first go itself will ensure a sigh of relief for the tax payers. Even then there is quite a possibility that you end up in a situation wherein revised Income Tax return needs to be filed.
The tax payers are allowed to amend their already filed I-T return for more accurate assessment and tax liability calculation. The process of filing I-T returns by salaried class is less complex since they have only one source of income i.e. salary therefore the chances of mistakes are less.
However the fact that mistakes can happen cannot be entirely ruled off therefore we take you through a list of precautions that you must take while filing revised Income-Tax return:
To be able to file the revised Income Tax Return, ensure following:
Do not forget the date
Prior just like the deadline for filing I-T return, the deadline for filing revised I-T return was equally important however beginning AY 2017-18, the taxpayers can file revised I-T return for previous years as well. This change has definitely brought about a sigh of relief among the tax paying category people.
Revised I-T return must include date of original acknowledgement
The need for revised I-T return arises only when you have filed the original return. It is necessary to submit the date of filing of original return along with the acknowledgement number issued by the authorities to ensure no further delays arise.
Note: Revised I-T returns are not allowed for tax payers who fail to file their original returns within the stipulated deadline- However wef AY18-19, this condition has been relaxed
Be prepared for extra scrutiny post filing revised I-T return
In case the mistakes are rectified by the taxpayers well before in time i.e. before they come to the knowledge of IT department, revision of previous return is acceptable however once caught, the I-T officials can call for additional scrutiny of your case. Also do not think of hiding any relevant information while filing original I-T return with a view that it can be disclosed in the revised return since it can invite further scrutiny.
Once it is caught then such concealment of income can attract a penalty of anything between 100% – 300% of the tax liability so be extra cautious while filing your returns.
Therefore, better is to disclose all the details in the original I-T return itself and leave no scope for any mistakes!!!