What is the difference between Revised ITR and Belated ITR? Who needs to file it?

Those who have not filed their Income Tax Return (ITR) for the financial year 2017-18 or assessment year (AY) 2018-19, will have to file Belated return before March 31. While those filing revised ITR for AY 18-19 or 2017-18 also need to do it before the said deadline.

Here is all you need to know about the difference between revised ITR and Belated ITR

What is revised income tax return and Who needs to file ?

Revised return can be filed online under Section 139(5) of the Income Tax Act. If a person after furnishing the Income Tax Return finds any mistake, omission or any wrong statement then he/she is liable for a revised ITR filing. It can be mistake in the name spelling, bank account number etc.  The revised IT return should be filed within prescribed time limit

What is Belated return?

An income-tax return that filed after the due date is called Belated Return. It is filed under section 139(4) of the income tax Act.

When can Revised income tax return be filed?

A revised income return can be filed at any time during the assessment year or before the completion of the assessment; whichever is earlier. (w.e.f A.Y 2018-19). Those filing revised ITR for AY 18-19 need to do it before March 31.

However for the earlier Assessment Years preceding to the Assessment Year 2018-19 , a return can be revised before the expiry of one year from the end of the Assessment Year or before the completion of the assessment by the Department; whichever is earlier (till A.Y 2017-18), the Income Tax department has clarified.

How to file Revised income tax return?

The process of filing belated return is the same as that of filing regular ITR. You need to select ITR form applicable to you and fill the form in the same manner as when you filed the return on time and choose the assessment year for which you are filing the belated return.

How to file Belated return?

The process of filing belated return is similar to that of filing regular Income Tax Return. All you need to do is select the ITR form that applicable for you. You can fill the form in the same manner as when you had filed the return on time. You will have to choose the assessment year for which you are filing the belated return.

Penalty on filing Belated return?

You will be charged an interest of one percent per month (simple interest) on the tax amount outstanding. This interest will be calculated from the due date applicable. For returns of FY 2017-18 and onwards, penalty of Rs 5,000 will be charged for returns filed after due date but before December 31. If returns are filed after December 31, a penalty of Rs 10,000 shall apply. However, penalty will be Rs 1,000 for those with income upto Rs 5 Lakh.

Bureau Report