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What is revised ITR? When should you file one? What is the charge?

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A revised income tax return (ITR) is a document that is filed to correct errors or omissions in an original ITR. It can be filed by any taxpayer who has filed an ITR for a given assessment year and discovers that there is an error in the return.

When Should You File a Revised ITR?

There are a few reasons why you might need to file a revised ITR. These include:

  • You have forgotten to report some income.
  • You have made a mistake in the calculation of your tax liability.
  • You have received a notice from the Income Tax Department asking you to revise your return.

What is the Charge for Filing a Revised ITR?

There is no charge for filing a revised ITR if you file it within the due date for filing the original ITR. However, if you file the revised ITR after the due date, you will have to pay a late filing fee. The late filing fee is currently ₹500 for individuals and ₹1000 for companies.

How to File a Revised ITR?

You can file a revised ITR online through the Income Tax Department’s e-filing portal. To do this, you will need your PAN, your acknowledgement number for the original ITR, and the details of the changes you want to make.

Here are the steps on how to file a revised ITR online:

  1. Go to the Income Tax Department’s e-filing portal.
  2. Login with your PAN and password.
  3. Click on the “e-File” tab.
  4. Click on the “Income Tax Return” link.
  5. Select the assessment year for which you want to file a revised return.
  6. Select the “Revised Return” option.
  7. Enter the acknowledgement number and date of filing of the original ITR.
  8. Make the necessary changes to the return.
  9. Submit the revised return.

Conclusion

Filing a revised ITR can be a daunting task, but it is important to do it if you have made an error in your original return. By following the steps outlined in this blog post, you can easily file a revised ITR and ensure that your tax affairs are in order.

Here are some additional tips for filing a revised ITR:

  • Make sure that you have all of the necessary information before you start filing. This includes your PAN, your acknowledgement number for the original ITR, and the details of the changes you want to make.
  • Double-check your work before you submit the revised return. This will help to avoid any errors.
  • E-verify the revised return within 30 days of filing. This will help to ensure that your return is processed quickly.