How to revise ITR


Can I revise already filed ITR online?



Section 139(5) allows taxpayers to submit a revised ITR if there were errors in their previously submitted one. So, if you’ve missed out or filled in any wrong information in your return form, you should submit a revised one to avoid any penalties in the future.

Till when can you revise your ITR? You can submit revised ITR applications up to a year after the end of the assessment year (For AY 2015-16, the deadline will be 31st March, 2018) or till the assessment is completed, whichever is earlier.

There is no limit to the number of times you can revise your ITR. But, if you keep revising it, your return can be put under scrutiny. Ideally, you should be using this facility only to correct unintentional omissions or mistakes in your previously submitted ITR. Ensure that you’re honest while filing your ITR. If you’re caught concealing income, your penalty could be anywhere between 100 to 300 percent of the tax due. Also, filing false returns can fetch you imprisonment under Section 277.

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BB Expert