Section I: Income Tax and You

• Ques: You can revise your return till 31st March 2011
• Ans: Key points:
  • Revised return means that you can re-file your income tax return with some modification. If you have already filed your return for financial year 2011-12 but want to make modifications and file a new return, then the new return will be called the revised return.
  • For the financial year (Mar 2011 - Apr 2012), you can file a revised return till 31st March 2013.
  • However, if the income tax department completes the assessment of your return earlier, then you can not file a revised return.
  • If you missed reporting any income or deductions, you can file revised return.
  • If you received some information after filing the return, you can file revised return.
  • You will need the acknowledgement number and date of filing of original return in order to file a revised return.
  • If you have to disclose some income, then do so at the earliest opportunity to avoid interest/penalties from income tax department.