Does revised return replace the original return?
The revised return replaces the original return and is deemed to have been filed on the same date on which the original return was filed. A revised income tax return can be filled at any time before the expiry of the relevant assessment year or before completion of the assessment, whichever is earlier.
Can invalid ITR be revised?
One method involves you having to file your tax return again. The original return will be deemed invalid and the new or revised return will be considered. Alternatively, you can request for a condonation delay. But there are a few criteria that you must meet to qualify for the delay request.
Can revision be filed if original return was filed after due date?
There’s no limit on the number of times you can revise your tax return if it is done within the deadline. To revise your return, all you need is the acknowledgement number and the date of filing of the original return. One can choose ‘revised return under section 139(5) on the e-filing portal.
Do we need to e verify both original and revised returns?
If original ITR is filed and not e-verified and then Revised ITR is filed then it is not mandatory to e-verify the original ITR, but you must verify…
How do I verify an invalid return?
Process to e-Verify — Post Login — My Account– e-Verify Return Data of Previous Years — Click and e-Verify– Select the verification option and verify the return data. Alternatively, you can send the physical copy of the ITR V duly signed to the CPC Bengaluru through speed post.
How do I fix invalid ITR?
An ITR filed but not verified is treated as an invalid return by the department. It would mean that you have not filed the ITR for a particular assessment year. An individual can file a condonation delay request on the income tax e-filing website.
How do I correct a wrongly filed tax return?
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.
How can I file revised return online?
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’.
Can I revise my 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 1040X, 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.
What will happen if I verify only the revised ITR and left the original ITR without verification?
The IT department will not accept the revised ITR if you fail to verify it. This process too is similar to the e-verification process that you might have followed for verifying your original ITR. Once e-verification is done, your revised ITR would be successfully submitted to the tax department.
What happens if CPC declared my return as invalid?
If the original return filed by you declared as invalid by CPC, then it is assumed that no original return has been filed. The new return filed by you is also original return.
Can I file a new return after filing an original return?
The new return filed by you is also original return. Further, if the original filed by you was filed after due date, then it can not be revised. However, as early stated that new return is original return, you may filed as original return.
Why can’t I file a revised ITR online?
If you filed the original return physically then you cannot file the revised return online. If your original return was filed after the due date (July 31), then you cannot file a revised return. If the I-T Department has already processed your original ITR then you cannot file a revised ITR.
What to do if your tax return is invalid?
One method involves you having to file your tax return again. The original return will be deemed invalid and the new or revised return will be considered. Alternatively, you can request for a condonation delay.
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