Income Tax Return e-filed can be revised upto the one year from the end of relevant assessment year or before the completion of assessment, whichever is earlier under section 139(5). For example, revised return for assessment year 2012-13 can be file upto 31st March, 2014.
How to revise e-filed tax Return?
Revising tax return is almost similar to filing original matter. The only and major difference is you have to select Revised’ return option in the Excel utility (Return Preparing Software). The same ITR form would be used unless there is a change in your sources of income.
You are required to mention the e-Filing Acknowledgement number and Date of filing the Original return. Further, you have to select the section 139(5) for filing revised return filing.
If you have already saved all the data previously while filing original return then just make the necessary changes before submission. Next step would be same as of original return, take printout of ITR-V and send it to CPC in Bangalore within 120 days of filing/submission/uploading revised return.
Also note that in case you have filed paper return then revised return must be paper return only and if you have file tax return electronically then the revised return should be filed electronically i.e. e-file.
How many times a return can be revised?
There is no restriction on the number of revise return but it can be filed only upto the expiry of one year from the end of relevant assessment year or before the completion of assessment, whichever is earlier.
Can belated return be revised?
A belated return u/s 139(4) i.e. tax return filed after the due date u/s 139(1) cannot be revised. Tax return filed within the prescribed time frame can only be revised number of times.
In case the ITR-V of original return is not reached within 120 days from the date of filing of return than the return will not be treated as belated return and can be revised.