Can I file a revised return after my original return was processed and refund credited to my account?

Can I file a revised return after my original return was processed and refund credited to my account?

If your income tax return has been processed and you have availed a refund, a revised return can be filed if it is filed within the specified due date. If the ITR form has to be changed, a revised return can be filed.

Can return be revised after receiving refund?

You can still revise your income tax return even if you have received Income Tax Refund. The Revision can be done either in the same ITR Form in which the original return was filed or in a different ITR Form.

Can ITR be revised after it is processed?

Every assessee who has filed his/her ITR is entitled to revise it under section 139(5) to provide correct information to the tax department. Even those who file belated ITR, i.e., ITR is filed after expiry of deadline (currently, December 31, 2021), is allowed to file revised return.

How do I edit an already submitted ITR?

You are required to select the option ‘ Revised u/s 139(5)’ in the ‘return filed under’ column. The ITR form will additionally ask you for details of the original ITR, i.e., receipt number and date of filing of original ITR. There is no limit for the number of times you can file a revised return.

How do I rectify a return?

Income Tax Department

1. Go to the ‘e-File’ menu and Click ‘Rectification’ link.
2. Choose the options of ‘Order/Intimation to be rectified’ and ‘Assessment Year’ from the dropdown list. Click ‘Continue’
3. Select any one of the following options of ‘Request Type’ from drop down list. •

How do you revise a return?

Step 1: Once you login, go to My Tax Return under My Account. Step 2: Click on ‘View Details’ for the year you want to revise your income tax return. Step 3: You will see the acknowledgment number and date of filing of the original return. Scroll down and click on ‘Click here to mark this Income Tax Return as revised’.

What is the penalty for incorrect tax return?

If you have made an error on your tax return that results in owing more tax, the IRS will charge you a late payment penalty on the amount still outstanding. The penalty is 0.5 percent per month or partial month, to a maximum of 25 percent of the amount owed.

How do I rectify a return in new portal?

Step 1: Log in to the e-Filing portal using your valid user ID and password. Step 2: Under Services, click Rectification. Step 3: On the Rectification page, click New Request. Step 4a: PAN will be auto-filled.

When can a return be rectified?

A rectification request under section 154(1) is allowed by the Income Tax Department for correcting mistakes when there is an apparent mistake in your Income Tax Return. an error due to overlooking compulsory provisions of law.

How do I rectify my return online?

Note:

1. Go to the ‘My Account’ menu located at upper-left side of the page ↓ Click ‘View e-Filed Returns/Forms’
2. Select ‘Rectification Status’ from drop down list Click ‘Submit’ Note: • Taxpayer can withdraw rectification within end of the day of request. •

How can I revised TDS return?

1. Overview. -Request for conso file from Traces Portal. -Download the conso file & open in utility.
2. STEP-1.
3. Request for conso file from Traces Portal. Login to traces. After login you can see various tabs on the Home Screen.
4. STEP-2. Download the conso file & open in utility.
5. STEP-3. Update the correction in utility.

How long it takes for ITR refund?

“Generally, it takes a minimum of 15-90 days to get the refund. The refund processing time depends on the complexity of ITR like Foreign Tax Credit (FTC), type of ITR like ITR 1, 2,3,4 etc.

Can an income tax return be revised after ITR has been processed?

Yes, an Income Tax return can be revised even after the ITR has been processed. However, the revision needs to be done within the particular assessment period after which it would not be possible to revise the IT returns.

How to file a revised return under Section 139(5) of ITR?

In the ITR software, under ‘Filed u/s’, choose ‘Revised Return under Section 139 (5)’ You should, then, enter in the ‘Acknowledgement Number’ and ‘Date of Filing’ of the original income tax return that you filed. The acknowledgment number should be a 15-digit number which is available when you file your income tax returns online.

How to correct a mistake made at the time of filing ITR?

A mistake made at the time of filing ITR can be corrected by filing revised ITR. Section 139 (5) of the I-T Act states that after filing their return if someone discovers any omission or wrong statement, he can furnish a revised return.

What does it mean to revise your tax return?

Revising your tax return is a chance for you to rectify your mistake, but one should avoid misuse of this facility and ensure utmost care while filing the original tax return, adds Soni. Once you have filed your revised ITR, ensure that you have verified the same.

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