Tuesday, August 20, 2013

Filing revised return (FAQ)

If you have wrongly uploaded your Income tax return then no need to worry, you can still correct your return. As per CPC guidelines if you have wrongly uploaded your return then you can revise it ,How to revise your return is given below.

How to file a revised return?

Answer: The process of filing a Revised Return is the same as filing an Original Return. The ONLY difference is that in the Excel utility (Return Preparing Software), you need to select the 'Revised' return option and provide the Original e-Filing Acknowledgement number and Date of filing the Original return. Further, the assessee is required to select the section of return filing as u/s 139(5).
First you have to fill excel utility with all data ., if you have already saved the previous excel file then Just make the correction in the file where ever required .select revised return as suggested above Generate the XML and upload it the efiling site again download the ITR-V and send to CPC in 120 days from date of upload.

How many times I can file the revised return?

Answer: Legally, a return can be revised any number of times before the expiry of one year from the end of the Assessment Year OR before the completion of the assessment by the Department; whichever event takes place earlier.

I filed my Original Income Tax Return post due date and I want to revise that Income Tax Return. Can I file a Revised Return?

Answer: You cannot file a Revised return if the Original was filed post due date (Belated)

I have filed the Original Income Tax Return as paper return. Can I file the revised return electronically as e-Filed Income Tax Return?

Answer: No

I have e-Filed the Original Income Tax Return. Can I file the revised return in paper-form?

Answer: No

If original return is invalid due to non-receipt of ITR-V, can I file original return again.

If 120 days (including any extension,if any) has lapsed then assessee is required to file a revised return ,however new revised return will be treated as original return.

Income-tax Returns due date for assessment year 2013-14 for non audit case are 31st July, 2013.

However, for the Corporate Sector as well as for persons who are having the requirement of tax audit the last date of filing Income-tax Return happens to be 30th September 2013.

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