Taxpayers can revise I-T returns unlimited times…

…but, the original return has to be filed in the stipulated period

There are many individuals who after filing their income tax returns have realised there was a mistake in the form or the data submitted was not correct. It could be anything – certain income was not declared, postal address or bank details were wrong, or the wrong ITR form was filled.

They need not worry.

The income tax (I-T) department allows payers to add omitted information and rectify errors if the returns were filed within the stipulated deadline. For the financial year ending 31 March, 2015, the deadline for filing returns is August 31, 2015. Interestingly, a person is allowed to amend the filing as many times he or she wishes to, but not later than 24 months from the last date of the financial year. In this case, the last date for filing ‘revised return’ will be March 31, 2017.

Vikram Ramchand, CIO & co-founder of Makemyreturns.com gives an example of his client, who works with an information technology company. The client was in the US for financial year 2013-14, where he had a 401 (k) account, which is a retirement savings plan. Last financial year (2014-15), he was based in India, and therefore filled up ITR-1. As per the current laws, if a taxpayer has foreign assets, he needs to fill up the form ITR-2. As the original returns were done in time, the client could easily revise and submit the correct details.

Ramchand also points out that there is a recent judgment that even allows taxpayers to include capital losses that can be carried forward for eight years and set off against capital gains, provided the return was filed on time.

To revise the returns, all that an individual needs is the 15-digit acknowledgement number of the original tax filing and the date on which it was done. While the revision is possible for omissions and rectification, if there was any concealment of false information that was included in the original filing, the same is not allowed and the

I-T department would levy a penalty. Whether it is treated as omission or concealment, however, will largely depend on the assessing officer. In case of latter, the officer can levy a penalty to the tune of 100 per cent to 300 per cent of the tax due.

To make the changes, you can either go online or for physical revision. However, if the original was filed online, then the person mandatorily needs to opt for the revision through the web/internet. After you log in, from the drop down menu select the option — Filing under Section 139 (5). You can make the required changes, pay any extra tax that is due, and get the acknowledgement number for the revised filing.

Amol Mishra, head of tax at myITreturn.com says that if the revised return lowers a person’s tax liability, his or her return is likely to come under scrutiny. Of course, individuals should not bother where the case is genuine. “Whatever changes one makes, the person should ensure that he has the supporting documents in case the I-T department calls the taxpayer for explanation,” adds Mishra.

Experts point out that if a person is revising the returns more than once, he will need to quote the original acknowledgement number and date of filing in all subsequent revision. For example, if a taxpayer’s original date of filing this year is August 1, for every subsequent revision, details of the tax filed on August 1 needs to be quoted. And, after filing, do remember to send the ITR-V to Bangalore CPC if your returns are not e-verified using the Aadhaar card.