Mistakes in ITR filing can range from quoting wrong bank account number to wrongly declaring income to claiming wrong deduction. If you have also made any mistake in this, then definitely know how to fix it, so that you do not have any problem.

Who can fill?

Revised ITR is filed in case there are some mistakes left in your ITR. That is, if you have made some mistakes during ITR, then you can rectify them through this. Revised return is filed under section 139(5) of Income Tax. Revised ITR can be filed only by a person who has filed his ITR for the financial year 2022-23 by 31 July 2022. If someone has filed his ITR on 1st August 2022, then he cannot revise his ITR.

Last date for filing Revised ITR

The Center had made an announcement in the Union Budget 2021 that it has reduced the time for filing Revised ITR by three months. Till FY 2019-20, an individual was allowed to file ITR till March 31 of the respective assessment year. However, the last date for filing Revised ITR from FY 2020-21 is December 31 of the respective assessment year. Hence, the last date for filing Revised ITR for FY 2021-22 (AY 2022-23) is December 31, 2022.

Do you understand it?

Please note that you can revise your return any number of times. After the revised return, the original return loses its value. That is, if you have filed a tax liability of 10 lakhs in your first return and 8 lakhs in the revised, then only the return of 8 lakhs will be valid.

On the other hand, if you have shown tax liability of 10 lakhs in your old ITR and in Revised you are showing tax liability of 15 lakhs, then you will have to pay tax of 5 lakhs first, only then you will be able to revise your ITR . For information, let us tell you that this payment will be on the basis of self-assessment year only, as you did in your original ITR.

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Know
Revised ITR You must have heard about Revised ITR. If you have made any mistake while filing your income tax return, then you also have a chance to file revised or revised ITR. Its deadline or last date is 31 December 2022 and if you know that there has been a mistake in filling the ITR, then modify it and fill it. Here it is being told how. 

Revised return can be
filed under section 139(5) Common taxpayers can correct their wrongly filled ITR by filing revised income tax return under section 139(5). For filing the revised return, you have to select ‘Revised under section 139(5)’ in the column ‘Return filed under’. After this, details of original ITR such as receipt number, date of filing of original income tax return, etc. will have to be filled in it.

How to File Revised Income Tax Return – Here is the Step by Step Process

• Visit the official website of Income Tax https://www.incometax.gov.in/iec/foportal/.
• In this, after clicking on the option of e-file menu, click on the rectification link.
• The assessment year has to be selected from the drop down menu of ‘Order/Intimation to be rectified’ option. This time the assessment year is 2022-23.
• Select the region to perform the rectification from its drop down menu. Huh. Select the reason for filing your Revised ITR.
• Submit after filling the updated information in the form.
• You will see a successful message once the revised return request is submitted.
• The message for filling Revised ITR will come on your mail id. 

The post Revised ITR Filing: If there is a mistake in filing Income Tax Return, then fill Revised ITR like this, know the complete process first appeared on Rightsofemployees.com.