Revised & Belated Return Filing

When to revise

• Income was omitted, most commonly bank interest or a capital gain
• A deduction was missed, or claimed incorrectly
• The wrong return form was used
• Bank account or personal details were entered wrongly
• Tax credit in Form 26AS was not fully claimed
• A foreign asset was not disclosed in Schedule FA
• A computational error was made

Revised, belated and updated returns are different

A revised return corrects a return already filed, within the window the Act allows. A belated return is an original return filed after the due date, which attracts a fee under Section 234F and forfeits the right to carry forward losses.

An updated return under Section 139(8A) is the route once the revision window has closed. It allows reporting of additional income within a longer period, but only on payment of additional tax over and above the normal liability, and it cannot be used to claim a refund or increase one.

The revised return replaces the original

It is not a supplement. The revised return substitutes the original entirely, so the whole return must be completed afresh rather than only the corrected portion.

It must also be verified. An unverified revised return leaves the original standing, which defeats the purpose and is a common oversight.

Revising after a notice

Where the department has already issued a notice about the very item you propose to correct, revising does not undo the notice, though voluntary correction generally helps on penalty.

Where an assessment has been completed for the year, the return can no longer be revised. The remedy at that point is a rectification application or an appeal, depending on what is wrong.

How we handle it

1. 1 Identifying what is wrong We compare the original return against Form 26AS, the annual information statement and your records to establish the full extent of the correction.
2. 2 Checking the window We confirm whether a revised return is still available, or whether the updated return route now applies.
3. 3 Recomputing The whole computation is redone, since a revised return replaces the original rather than supplementing it.
4. 4 Assessing the tax effect Any additional tax and interest is computed and paid before filing.
5. 5 Filing and verification The revised return is filed quoting the original acknowledgement number, and verified — without which the original stands.

Frequently asked questions