How to revise income tax returns before the due date?
If the taxpayer wants to revise the original return filed, the same can be done using the revised return under Section 139(5). The revised return can be filed as per the standard procedure followed for original return filing. However, the taxpayer has to submit the ITR under Section 139(5). The entire process of e-verification needs to be completed while revising the return.
How to revise income tax returns after the due date?
If the taxpayer wants to revise the original return after the due date, the same can be done using the revised return u/s 139(5). You can file a belated return on or before 31st December of the assessment year. Taxpayers cannot file any return once this date is passed. However, if the return was missed due to an extreme situation, you can lodge a request to your A.O. seeking permission to file past returns under Section 119.
What happens if the income tax return is not filed before the due date?
If you fail to file an income tax return within the due date, a belated return can be filed. However, a penalty of up to Rs.5,000 for late filing will be charged for filing belated returns. If the total income of the person is less than Rs.5 lakh, then the fee payable is Rs.1,000.
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