How often can you improve your tax returns, know
The return filing date is approaching for assessment year 2017-18. The last date for filing the ITR is 31 July 2018. The process of return filing is easy, but most people make mistakes in this too. Keeping this in mind, the Income Tax Department also gives a special feature called Revised ITR. We are giving you detailed information about this in your news.
Most taxpayers in the country have a habit of filing returns at the last minute. In such a situation, the possibility of some mistakes in the ITR can not be denied on behalf of the taxpayer who has filed their ITR in the last time, but these people do not need to panic. Such people can revive their returns. Through this news, we will tell you about revised income tax returns. We have talked with Eks Munshi (Emunshe Com.) Tax Expert and Chartered Accountant Ankit Gupta for this.
Why is Revised ITR: Revised ITR is filled in the face when there are some mistakes in your ITR. That is, if you have made some mistakes during the ITR, then you can improve them through this. Revised returns are filed under Section 139 (5) of Income Tax.
Who can fill Revised ITR: Revised ITR can fill only the person who has filled up for the financial year 2017-18 before its July 31, 2018 (fixed date, changes in it also). If someone has filed their ITR on 1 August 2018, they can not revive their ITR.
What happens after the revised returns: Tell that you can revise your returns at any time. After the revised return, the value of the original return is eliminated. That is, if you have filed a tax liability of Rs 10 lakh in your first return and 8 lakh rupees in revised only 8 lakh returns will be valid.
If you have seen a tax liability of 10 lakhs in your old ITR and you are telling tax liability of 15 lakhs in revised, you will have to pay the first 5 lakhs tax only after that you will be able to revise your ITR. For details, let us know that this pension self assessment will be based on the year as you did in your original ITR.