ITR Submitting Deadline is Over, Now It’s Time to File Revised Returns, Right here’re the Steps

The deadline to file Earnings Tax Return or ITR has ended on July thirty first. Now it’s time to concentrate on submitting revised returns. The revised returns are filed by taxpayers in the event that they notice they’ve made a mistake, forgot to reveal an revenue supply, calculated the incorrect tax quantity, or forgot to assert deductions. The due date to file a revised return is December thirty first of the related evaluation yr.

ITR Filing Deadline is Over, Now It's Time to File Revised Returns

Submitting Revised Returns

The final date to file a revised return or ITR for the FY 2022-23 (AY 2023-24) is December thirty first, 2023.

Keep in mind, the Authorities prices no penalty for submitting revised returns. Nevertheless, it’s within the fingers of the assessing officer. If the officer finds that the error made by the taxpayer is intentional, then a nice could also be levied.

“This may be filed underneath Part 139(5) of the Earnings-tax Act by means of the net portal –, or by another means earlier than the top of the evaluation course of,” CNBCTV18.

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Listed below are the Steps to File a Revised Return:

  • First, go to the official revenue tax portal.
  • Now login to the portal utilizing PAN, password and captcha code.
  • After logging in, click on the ‘e-file’ and ‘Earnings Tax Return’ hyperlinks.
  • Your kind will probably be auto-generated on the following web page.
  • It’s essential to choose the next choices: Evaluation 12 months, ITR kind Quantity, Submitting Sort’ as ‘Authentic/Revised Return, and ‘Submission Mode’ as ‘Put together and Submit On-line.’
  • Subsequent, underneath the ‘Common Data,’ select the ‘Return Submitting Part’ as ‘Revised return underneath part 139(5)’ and ‘Return submitting kind’ as ‘Revised.’
  • Enter your ‘Acknowledgement Quantity’ and ‘Date of submitting’ at this step.
  • Submit the ITR and e-verify your returns for quick processing.