If there are any mistakes concerning your income tax filing, the Income Tax Department allows you a second chance to rectify such mistakes and file a correct return by filing a revise return. You can make revisions in your income tax returns as per the provisions of Section 139 (5) of the Income Tax Act, 1961. Let’s understand what a revised income tax return is and how you can file it
– A Revised Return under Section 139(5) of the Income Tax Act is filed when an individual needs to make changes or corrections to a previously filed Income Tax Return (ITR). Here are the situations in which you would file a Revised Return:
If there is an error or omission in your original ITR, such as reporting incorrect income, deductions, or any other information, you can file a Revised Return to correct those errors. This allows you to provide accurate and updated information to the tax authorities.
If you inadvertently omitted certain income sources or failed to include certain deductions or exemptions in your original ITR, you can file a Revised Return to include those missed details. This helps ensure that your tax assessment is based on the complete and accurate information.
If there are changes in the tax laws, rules, or tax rates that affect your tax liability after you have filed your original ITR, you can file a Revised Return to incorporate those changes in your tax calculation. This allows you to adjust your tax liability accordingly.
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