Tuesday, July 31, 2012

HOW TO REVISE INCOME TAX RETURN E FILED EARLIER


on Tuesday, July 31, 2012

There is common question is How to revise the return where original return was e filed by the asessee . person want to know the process .We have summersied FAQ about the revision of return off income tax return.

Revision of e filed return is as simple as as filing of original return.In fact the same process nothing new . 

Time period to revise the Income Tax return. :One point you note first that revised return can be filed only if original return has been field with the due date . revised return can be filed with in one year from the end of assessment year ,but before the completion of assessment . Means for financial year 2011-12 (assessment year 2012-13) revised return can be filed latest by 31.03.2014.[section 139(5)}]

Step By step Guide to revise e filed original return.

1.Open excel file in which you have filed original return.
2. Enable macros.
3. Do the necessary correction where ever it is required .
4. Mention return as revised Return.
5. section section 139(5) from the list .
6. Fill Acknowledgement and Date of original ITR-V downloaded after e filing of original return.
7. Click compute tax again , validate on each sheet and then Generate XML file agin and upload it at income tax india efiling site after lo gin as earlier done.
8. Download revised ITR-V ,sign it .
9. Send Old and New ITR-V(both) to CPC Banglore office (address already given in itr-V)
10 that's all.

Where revision of return is not required or not advisable (our views not Govt views)

  1. You have negligible Tax refund but Bank account is Incorrect .
  2. You have negligible Tax refund but Bank MICR code is Incorrect .
  3. You have filled incorrect  Ward/Circle  Number: ward circle number in efiling is not mandatory.
  4. You have wrongly selected Govt employee category but you are psu employee: There are certain benefit available to Govt employee in taxability of perquisites /salary benefits . So no need to revise return .however on the reveres ,if you are Govt employee and wrongly selected PSU or others, then you must revise retrun.
  5. You have forget to enter 80C amount invested ,though already entered amount is more than 1,00,000.
  6. You have forget to enter 80C or other deduction but this have no effect on tax due as income is less than exemption limit .
  7. Minor error in address ,though no refund due.
  8. Minor error in fathers name .
  9. Forget to enter exempted income in sr no.26 for reporting purpose or entered less amount.
  10. Entered incorrect date /Place in verification date.
  11. Forgot to enter Unique TDS certificate number (this is not mandatory) Sr number 24(4) in itr-1
  12. Error in  name of the deductor[ sr no 23(3) & 24(3)] though TAN is correct [  sr no 23(2) & 24(2)]
  13. Email address/mobile incorrect.
Situation where you must revise Your Return.

  1. Pan Number or name is incorrect .
  2. Sex Male /female incorrect .
  3. residential status incorrect.
  4. In case of revised return original acknowledgement number incorrect .
  5. Income detail incorrect .
  6. Tan Number incorrect
  7. TDS details amount incorrect.
  8. Forget to enter saving which effects Tax liability .
  9. Incorrect bank details /Micr code where refund involved .
  10. Forgot to enter /entered incorrectly the advance tax and self assessment tax deposit details.

Common question 

Should I Send old ITR-V to Bengluru office 

Yes , You must send ITR-V of Old return (original return ) as well as of revised return to CPC office.

I Have noticed an error in ITR-V (income detailed is not entered correctly) ,should I withhold this ITR V and file fresh Income tax return through e filing ?


Do not withhold original ITR_V , Revise return is valid only if you send your orginal itr-V also. so send both the ITR-V.


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  1. You write that once a revised return is filed and ITR V for old return must be submitted. However, this is not compulsory as per CPC. Last year as also this year, we have revised a ITR 1 but submitted only one ITR V of revised return. This is as per advice received from E filing dept. at Bangaluru. Kindly send your views once again after checking.

    ReplyDelete
    Replies
    1. Thanks for confirmation ,we are trying to verify your comment from CPC and edit the post accordingly . Any way thanks for updates .

      Delete
  2. Thanks a lot for anonymous, because i sent only revised return.

    ReplyDelete
  3. I had paid tax online yesterday (01 Aug 12 for Ay 2012-13)for Rs 6840/-, however I incorrectly marked it as "Tax on Regular Assessment" whereas it should have been "Self Assessment Tax". I have not yet generated ITR V online. What should I do to correct the mistake?

    ReplyDelete
    Replies
    1. you have to apply to your asessing officer as per procedure given in the link below

      http://www.simpletaxindia.net/2011/11/new-procedure-for-correction-in.html

      Delete
  4. I am a house wife and I do have some FD in bank. The total interest earned in FY 2011-12 is around 14000/- and bank deducted TDS at 20% and the same is reflected in 26. Now shall I file a return and get the refund for the same? Please advise. Thanks.

    ReplyDelete
    Replies
    1. Yes you must file income tax return within due date otherwise you may not receive your refund if your taxble income is nil

      Delete
  5. I had filed one return but due to some changes i had again filed revised return. Now at 26as showing more tds amount and assesse want same to be claim. what i do such case? How many times revised return can file? and if revised return possible in this case then which acknowledgement no should enter?

    ReplyDelete
    Replies
    1. Bank deducted TDS Rs 8430 but I have shown the entire Interest amount in my return and paid taxes accordingly. How to claim refund now?

      Delete
  6. coat for filling a revised return???

    ReplyDelete
    Replies
    1. all codes are given in utility it self ,Just drop down the code list and select appropriate code.

      Delete
  7. IN DEALER STATUS DESCRIPTION ..MY TIN'S STATUS IS 36 .. BLACKLISTED WHY IS IT SO ??? WHAT SHALL I DO?

    ReplyDelete
    Replies
    1. you should contact sales tax office

      Delete
    2. Thank u...One more question ...How to check my returns which are filled ...can i check it online?.

      Delete
  8. My name is incorrect in belated return. I have not yet submitted the ITR V. Is it possible to revise it?

    ReplyDelete
  9. if revise return can not filled within a period which u indicated above then what remedy is avail?

    ReplyDelete
  10. Bank did not deduct any TDS, I have not mentioned this in my return, can i file a revised return ? Do i need to pay the tax on the interest ? If so how ?

    ReplyDelete
    Replies
    1. income tax is applicable on interest , however from fy 2012-13 ,interest from saving bank is eligible for deduction upto 10000/-

      in our view ,if amount is minor then you should forget about interest income and you should note down this point for future compliance

      Delete
  11. my name is bsv my friend paid selfassessment tax rs.3000 but nsdl shows tds amount 15000 how to file IT return?

    ReplyDelete
  12. i have filed my return of income for the asst yr.12-13 on 10-2-13 i.e. belatedly but now i discoverd that one self asst challan was remain to be entered in the return filed. can i revise the return to claim the tax paid by way of self asst.

    anonymous

    ReplyDelete
  13. I have filled the Refundable return of ay 2009-10 manually submitted to ITD within the due date but i have not received the refund. when contacted with ITD they told that my that my last sheets are missing( TDS details) i have waited for so long??? now what to do to recover the refund

    ReplyDelete
  14. Hi,

    Is it possible to view whether Tax returns has been filled for the past years online ?

    Thanks !

    ReplyDelete
    Replies
    1. try to download itr-V form ,if downloaded then means return has been filed online if not then not filed

      Delete
  15. i have filled itr-1 b mistak but i have revised to this itr -2 1-1 both itr -v copy has been sent o cpc banglore this mettar no any problem in my itr file

    ReplyDelete
  16. Is there any penalty involved when i file IT returns for the assessment year 2011-12 ? The tax has been deducted at source i am efile the return now for A.Y : 2011-2012

    ReplyDelete
    Replies
    1. No Penalty

      However ITO has power to impose penalty up to 5000/- Rs ,But it has been used rarely .

      Delete
  17. I have filed ITR-2 yesterday, whereas I should have filed ITR-1. This is for the assessment year 2012-13.
    Should I change the ITR form or leave it, as it is?
    regards

    ReplyDelete
    Replies
    1. Nothing to worry , ITR_2 is more detailed and have all the columns of itr-1 ,so you can fill itr-2 , nothing wrong in it.

      so no need to revise return at all

      Delete
  18. what happens if I file ITR-2 instead of ITR-1.

    ReplyDelete
  19. I have paid all principal part of HB loan previous year (fy:2011-12) and the interest is paid in the fy(2012-13). Can I claim the deduction of interest u/s 24b this year i.e. AY-2013-14.

    pradip de

    ReplyDelete
    Replies
    1. Interest is allowed on accrual basis not on payment basis . so you can not claim deduction for interest in fy 12-13

      Delete
  20. During superannuation, I have received gratuity of Rs. 4.5 lakhs. I am in a private industry. Is this gratuity amount exempted from tax? Pl suggest. Similarly, I would like to know whether leave encashment at the time of superannuation is exempt as well.

    ReplyDelete
    Replies
    1. Gratuity is exempted up to 10 lakh

      leave encashment maximum exemtion 300000
      subject to condition given at link

      http://www.simpletaxindia.net/2009/01/leave-salary-encashment-exemption.html

      Delete
  21. Hello,
    On 13-July-2013 i uploaded e-filling and got email ack from Dept. But till yet i haven't sent signed form to Banglore. after a week i realized that i have not considered HRA exemption. Now what should i do.
    1. Re-upload ITS form
    2. send signed form to Banglore. Get CPC ack number and later on file for retification.
    Thanks

    ReplyDelete
    Replies
    1. No need to wait till that date , just upload revised ITR form and then download new itr-v and send new itr-V to income tax department cpc

      Delete
    2. Hello Raja,

      Today i logged on to ITR site. Tried to upload revised ITR form. But it gaved me error "Only one original ITR can be filled u/s 139(1). Please change section and try."

      Thanks
      Siraj

      Delete
    3. Change section from 13991) to 139(5) and fill ITR-V number , read as shown in the above post

      Delete
  22. I have submitted my ITR-1 on 25 July 2013, Later realised that I haven't included the FD interest which is greater than 10000 and TDS (@ 10%) has been deducted by bank. I again recalculated the Tax and Rs 30 tax is payable on me(3% educational Cess not included by bank in TDS). What can be done in this case? I came to know I can pay Rs 30 online but confused under which challan No./ITNS I have to pay this amount. Please help!

    ReplyDelete
    Replies
    1. First you should know that Interest on FDR is not eligible for deduction u/s 80TTA ,so deduction of fdr interest up to 10000 rs .Only saving bank account interest is eligible for deduction u/s 80TTA.

      Further you have to recalculate tax liability and deposit the balance tax and then file revised return

      Delete
  23. HELLO, I HAVE FILED THE RETURN IN NAME " PERALY " BUT IT MUST BE " PEARLY " ITS REFUND CASE OF TWO YEARS AY 12-13 AND AY 2013-14. HERE I CAN NOT EVEN REVISE AS MY BOTH RETURNS ARE BELATED WHAT SHALL I DO KNOW.

    ReplyDelete
  24. Hi There,
    For Assesment year 2013-14, filed ITRV. But mistaken I gave wrong amount for Net Total Income (more than what actually). I got to know that we can file Recitification Form with new details. What to be taken care and how to do it. Please guide us.

    Thanks in advance.
    -Srinivas G

    ReplyDelete
    Replies
    1. You can revise the return ,if assessment has not been done .process to file revise return is as of original return and you have to file complete return again not only the changes , The only diff. is that you have to mention in the return that return is revised and you have to fill acknowledgment of original return in revised return in appropriate column

      Delete
  25. Hi There,

    For Assesment year 2013-14, filed ITRV. But mistaken I gave wrong amount for Net Total Income (more than what actually). I got to know that we can file Recitification Form with new details. What to be taken care and how to do it. Please guide us.

    Thanks in advance.

    ReplyDelete
  26. Hi

    I filed ITR last year (Assessment year 2013-2014) and received the acknowledgement (ITR-V) form. But, due to various reasons, I was not able to send the ITR-V form to CPC office, Bangalore. In this case, I think I need to file a revised return. Is it? Also, what changes do I need to make in the excel sheet to generate & upload the XML sheet again.

    ReplyDelete
    Replies
    1. Yes , you have to file revised return , change return status as revised ,section code , provide ITR-V no of old return and date of old itr filed ,that all

      Delete
    2. This comment has been removed by the author.

      Delete
    3. yes,you may apply for name correction through tin nsdl fc or uti pan center .Meanwhile you may file return with name shown a per income tax records

      Delete
  27. This comment has been removed by the author.

    ReplyDelete
  28. I have Filed my return on 26/06/2014. Now I Recognise That Name of Deductor mentioned in my Returns is Incorrect But TAN No. is correct .Do I Need to file Revised Return ?

    ReplyDelete
    Replies
    1. which return you have filed ? . If it was tds return then nothing to worry .No need to revise return

      Delete
  29. After filing return (ITR-2), I realized that I entered my "transport allowance" in Section 10 -> "Tax paid by employer on non-monetary perquisite [(sec. 10(10CC))]". I guess it should have been in "Other allowances". Should I file a revised one?

    Thanks in advance and kudos for this awesome article and answers.

    ReplyDelete
    Replies
    1. Technically ,you should revise the return but in my view you should wait & watch as error is of non serious nature

      Delete