A Full Method of Online e-filing Revised ITR for AY 2022-23

The deadline for filing income tax unaudited returns has passed, and those who filed their returns have had their refunds or are still waiting for them. While filing my I-T return, I often make some common errors like entering incorrect bank details, filing the wrong ITR form, and mismatching my Form 26AS with my ITR. Taxpayers can edit their ITRs to fix such errors when filing revised ITRs. For this purpose, they can log in to the income tax e-filing portal using the URL https://www.incometax.gov.in/iec/foportal. By Section 139 (5) of the Income Tax Act, 1961, a taxpayer can revise the original ITR and file a revised income tax return.

According to tax expert Jitendra Solanki, "In accordance with Section 139(5) of the Income Tax Act, 1961, taxpayers can file a revised return and update the data on the original return. ITRs can be revised even after the due date, which is 31st July 2022." According to Solanki, one can file a revised ITR online. A revised return can be filed before 3 months of the end of the assessment year, i.e. until 31st December 2022.

The Online Filing of A Revised Return For AY 2022-23

In order to file direct income tax e-filing, one needs to log in to the portal for direct income tax e-filing -https://www.incometax.gov.in/iec/foportal and follow the step-by-step guide given below:

1) Visit the I-T e-filing website - https://www.incometax.gov.in/iec/foportal

2) Login with your User ID and password.

3) Select 'Income Tax Return' in the E-File section after you have opened your account.

4) Select AY 2022-23 as the 'Select Mode Filing' after opening the income tax return page.

5) Select the options you wish to correct.

6) Choose the status that applies to you - individual, HUF, or others.

7) Select the appropriate ITR form and fill out the information sought.

8) A revised income tax return must be e-verified after filling out the ITR form. In addition, taxpayers may also verify their returns offline by sending them to the Income Tax Department's Centralized Processing Centre in Bengaluru via speed post.

Comments

GST: Assessees Must E-file Their Tax Returns by 30th Nov 2024 to Claim Pending ITC

If you are a GST-registered assessee you need to consider the due date to avail of any due Input tax credit or revised errors/omissions for the FY 2023-24 is November 30, 2024, via submitting the appropriate GST forms. Missing the due date can produce an outcome of a financial loss as the unclaimed ITC could not be used to offset your output tax obligation. What is the Method to Claim the Due ITC or Revised GST Errors for the FY 2023-24 It was stressed by the tax experts that the GST law specifies the procedure to claim the due ITC via GSTR-3B and amend errors in GSTR-1. Filing GSTR-1: Errors induced in GSTR-1 can be rectified by making amendments in the following GSTR-1 filings. Filing GSTR-3B: Via the GSTR-3B return the obligated ITC can merely be claimed. November 11, 2024, was the due date to submit the GSTR-1, and November 20, 2024, is for GSTR-3B without any penalty. Both the outcomes can be provided till November 30, 2024, as per the late fees. R...

How ITR Software Assists Individuals in Filing Tax Returns

Every assessee's process of income tax return (ITR) filing is significant, as it contributes to Indian's economy. The Income Tax Department has made efforts to facilitate this approach in recent years, but numerous people still see themselves steering a difficult financial system, multiple tax deductions, miscellaneous exemptions, and changing tax laws. This complexity can turn what must be an easy task into a significant challenge. In this context, income tax software evolves into an important partner, presenting a useful variety of accuracy, efficiency, and reassurance. The software enables return filing that permits taxpayers to handle their financial responsibilities when complying with the law. 1. Accurate Tax Calculations An incorrect income tax calculation of taxes could result in messages from the Income Tax Department or missed refunds. The tax software helps in finding taxable income and tax deductions that you may be allowed, like insurance or home loans. The co...

Why Small Firms Should Consider Gen Payroll Software?

Businesses in this competitive era would be required to manage the payroll. Payroll software has multiple operations such as paying employees, following tax laws, managing employee benefits, filing important documents, and keeping accurate records. Businesses that manage tasks manually or with spreadsheets can result in inappropriate compliance and issues, wasting time in doing operations. Gen Payroll software arrives to manage payroll with accuracy and resolve the issues that come therein. The merits and demerits of Gen Payroll software are mentioned below. Gen Payroll Software Gen Payroll is a payroll management software made by SAG Infotech . It eases and automates the process of payroll. The software’s features are tracking employee attendance, calculating salaries, ensuring compliance with laws like PF (Provident Fund), ESI (Employee State Insurance), and TDS (Tax Deducted at Source), as well as generating payslips. Businesses, whether small or large, can use this software. ...

SAG Infotech: Need Tax Software (Call 0141-4072000)

Search This Blog