Friends,
Revised return means that you can re-file your income tax return with some modification.
If a person has already submitted his return of income and subsequently he discovers any omission or wrong statement therein, he may furnish a revised return for any previous year at any time before the expiry of 1 year from the end of the relevant assessment year or before the completion of the assessment.
For Example
If you have already filed your return for financial year 2008-09 but want to make modifications and file a new return, then the new return will be called the revised return.
1. For this financial year (Mar 2008 – Apr 2009), you can file a revised return till 31st March 2011.
If a person has already submitted his return of income and subsequently he discovers any omission or wrong statement therein, he may furnish a revised return for any previous year at any time before the expiry of 1 year from the end of the relevant assessment year or before the completion of the assessment.
For Example
If you have already filed your return for financial year 2008-09 but want to make modifications and file a new return, then the new return will be called the revised return.
1. For this financial year (Mar 2008 – Apr 2009), you can file a revised return till 31st March 2011.
2. However, if the income tax department completes the assessment of your return earlier, then you can not file a revised return.
3. If you missed reporting any income or deductions, you can file revised return.
4. If you received some information after filing the return, you can file revised return.
5. You will need the acknowledgement number and date of filing of original return in order to file a revised return.
6. If you have to disclose some income, then do so at the earliest opportunity to avoid interest/penalties from income tax department.
7. No need to pay interest u/s 234A if any tax due, but you have to pay 234B , 234C interest if due.
