How Many Times Can I Revise Income Tax Return

How Many Times Can I Revise the IT Return

how many times revised return can be filed: If a person (Taxpayer) after furnishing the Income tax return finds any mistake, omission or any wrong statement (defective return), then return should be revised within prescribed time limit.
A return can be revised before the end of the Assessment Year or before the completion of the assessment; whichever is earlier.(w.e.f A.Y 2018-19)

Contents

How Many Times Can I Revise the IT Return Other Article Insertion of new sections 80EEA and 80EEB in Income Tax Act What is limited scrutiny in Income Tax?Are receipts from life insurance policies on maturity along with bonus taxable as per IT Act ? || Taxability of life insurance maturity amount Eligible Business under section 44AD ||Who is eligible and not eligible to take advantage of the presumptive taxation scheme of section 44AD?What is pre-construction period?||Home loan tax benefit What are the provisions relating to computation of capital gain in case of transfer of asset by way of gift, or through Will, etc.? || Capital Gain on Gifted Assets What are the benefits available in respect of interest on deposits in case of senior citizens? || Income tax benefits to Senior citizens How to compute income from a property which is let out throughout the year? || Compute Income from house property Who is covered by tax audit (As per Section 44AB)? ||Tax Audit Applicability

However for the earlier Assessment Years preceding to the )AY 2018-19 , a return can be revised before the expiry of one year from the end of the AY or before the completion of the assessment by the Department; whichever is earlier. (till A.Y 2017-18).

If original return has filed in paper format or manually, then technically it cannot be revised by online mode or electronically.

Revised return can be filed online under Section 139(5) of Income Tax Act.

Section 139(5) of Income Tax Act– If any person, having furnished a return under sub-section (1) or sub-section (4), discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

AY- (Assessment Year)

Insertion of new sections 80EEA and 80EEB in Income Tax Act

What is limited scrutiny in Income Tax?

Are receipts from life insurance policies on maturity along with bonus taxable as per IT Act ? || Taxability of life insurance maturity amount

Eligible Business under section 44AD ||Who is eligible and not eligible to take advantage of the presumptive taxation scheme of section 44AD?

What is pre-construction period?||Home loan tax benefit

What are the provisions relating to computation of capital gain in case of transfer of asset by way of gift, or through Will, etc.? || Capital Gain on Gifted Assets

What are the benefits available in respect of interest on deposits in case of senior citizens? || Income tax benefits to Senior citizens

How to compute income from a property which is let out throughout the year? || Compute Income from house property

Who is covered by tax audit (As per Section 44AB)? ||Tax Audit Applicability

Advocate Birbal Sharma

Education- M.Com, LL.B, DLL, LLM Practice Courts - Rajasthan High Court, Income Tax Appellate Tribunal and Intellectual Property Right Attorney Contact Number- 09785037216 Email ID-advocatebirbalsharma@gmail.com