Revised Income Tax Retrun – Semantic Taxgen Pvt Ltd

Revised Income Tax Retrun

Revised Income Tax Return

Step 1

We will set up a seamless process for data collection.

Step 2

Your return will be prepared as required.

Step 3

Before you know it, your return will be ready for filing.

About Amendment Tax File In India

An amended return is a form filed in order to make corrections to a tax return from a previous year. An amended return can be used to correct errors and claim a more advantageous tax status—such as a refund. For example, one might choose to file an amended return in instances of misreported earnings or tax credits. Mathematical errors, however, would not require amendments, as the Semantic Taxgen would automatically correct for such errors.

There are chances of taxpayers making mistakes while e-Filing their Income Tax Returns. You can always revise your return on ClearTax for no extra charge. Earlier, an income tax return could be revised only if the original return is filed within due date of filing return. The good news is that from FY  2016-17, even a belated return can be revised.

    •  When the assessee files a revised return, the original return stands withdrawn and is substituted by the revised return
    • The last date for filing a revised return is end of the relevant assessment year. For financial year 2017-18, the revised return can be filed up to March 31, 2019.
    • “File the revised return only to rectify genuine omissions or wrong statements. If any income was intentionally not disclosed in the return and an assessee chooses to file a revised return after receipt of a show-cause notice, the assessing officer may ignore the revised return and initiate a scrutiny,” says Sanjeev.
    • It is mandatory to mention the date of filing and acknowledgement number of the original return filed, Wadhwa adds.
    • Do not forget to verify the revised return
    • An amended return is a form filed in order to make corrections to a tax return from a previous year.
    • Change in filing status, change in the number of claimed dependents, incorrectly claimed tax credits and deductions, incorrectly reported income, are reasons individual taxpayers file an amended return.
    • The drawback of filing an amended return is that the document has to be mailed to the IRS Service Center that processed the original tax form and can take up to 16 weeks to be processed.
    • There is a three-year statute of limitations on issuing tax refund checks.

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