How can I revise my income tax returns?

If you’ve already submitted your original return online, you can e-file the revised returns. Go to the IRS e-filing website and follow the instructions one by one. The Income Tax Return-Verification (ITR-V) form must be always kept on hand. The purpose of filing an income tax return is to complete a self-assessment of the taxes you paid during the previous fiscal year. If you have an overpayment, the IRS will reimburse it to your associated bank account. It will also ensure that any overpayments made throughout the assessment year are refunded to you. 

Let’s say you made a mistake on your original Income Tax Return Filing, such as reporting your complete salary instead of taxable income or failing to pay an EMI on your house loan. You can correct this by filing a Revised I-T Return in that situation.

Income tax returns

 The following conditions, however, must be met: 

  • The original return was filed on time, before July 31 of the. 
  • The department has not yet assessed your I-T return; the error on the initial return is real. 
  • Before the assessment year ends, or before your submissions are assessed by the I-T department, which could take up to 6 months from the time you filed your ITR for the first time, you should make the revisions. 

Revised Income Tax Filing 

To file your ITR or Revised Return, you do not need to hire a tax lawyer or a CPA. It’s possible to accomplish it from the comfort of your own home. If you have already filed the original return online, you can file the updated return. If your initial return was physically filed, you should also file the updated return. 

Log into the Income Tax portal and follow the instructions below to file an I.T. Return online. 

  • The Income Tax Return-Verification Form from the original tax return filing will be the first thing you’ll need. To file a Revised Return, you’ll need a copy of this. As well as the original I.T. return’s acknowledgement number and filing date, which may be found in the ITR-V or the I.T. department’s e-filing portal if you filed your initial ITR online. 
  • Log in to the Income Tax portal after you have these details. 
  • Go to the top left menu and select ‘Quick e-file.’ 
  • Select an assessment year and address, then submit your choice. 
  • Fill in the first part with your personal information on the following page after reading the instructions. 
  • Select the employer category and return-related information under ‘Filing Status’ in the second area. 
  • Because you are filing an amended return, you must choose ’17 – revised return – 139(5)’ in column A21. ‘Revised’ should be selected in the box underneath it. 
  •  In the original ITR’s acknowledgement number and the date, it was first submitted in column A24. 
  • Fill in the correct tax exemptions and income information as shown on the original return on the following pages. You fill out the application and submit it. 
  • Print and sign the ITR-V for the amended return. Send it to Central Processing Centre (CPC) and the ITR-V from the original return. Within 120 days of submitting ITR, the CPC should receive the ITR-V. 

Remember These Things Before Filing Your Income Tax returns

  • File your amended return in the same manner as your initial ITR. You couldn’t file the amended return online because it was physically unable to do so. If you previously filed a tax return, you must refile it. 
  • You wouldn’t be able to file an amended return if you filed your original return after the deadline. 
  • If you can’t file a revised ITR if the Internal Revenue Service has already processed your initial ITR. 
  • You may modify your return as many times as you like. But keep in mind that multiple submissions will suggest anomalies in your account. Which may prompt the Internal Revenue Service to suspect you. 
  • Only if the errors on the original ITR were inadvertent can you file a new one. It’s not valid if you’re resubmitting the return after an I-T Department assessor spotted you doing something wrong. 
  • Suppose the omission in the original ITR is proven to be willful concealment of income. Or lies about investments or income to escape tax. In that case, you will be subject to a severe penalty. 
  • If the income declared in the original and revised ITRs differs, you are more likely to be penalized. 

You can prevent filing your Income Tax Return again by ensuring it is completed the first time correctly. Refiling may result in the I.T. Department asking unneeded inquiries. Assume, however, that your initial ITR error or omission was unintentional. In that scenario, you should use the I-T Department’s opportunity to refile the ITR. 

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