Reasons for Filing a Revised Tax Return:

• Mistakes: Correct errors like incorrect income, deductions, or tax calculations.
• Omissions: Add forgotten income sources or claim missed deductions/exemptions.
• Changes in Circumstances: Reflect life events such as marriage, job changes, or inheritance affecting your tax.
• Tax Department Notice: Respond to discrepancies or queries raised by the tax department.

Benefits of Filing a Revised Return:

• Avoid Penalties: Correcting mistakes avoids fines and interest.
• Claim Tax Benefits: Ensure you get all eligible deductions and exemptions, lowering tax liability.
• Maintain Compliance: Demonstrates accuracy and commitment to tax reporting.

Eligibility to File a Revised Return:

• Who Can File: Any taxpayer.
• Deadline: Before December 31st of the relevant assessment year or before assessment completion, whichever comes first.
• Multiple Revisions: You can file multiple revisions before the deadline for each.

Important Points:

• Retain documents supporting any changes made.
• Pay additional tax if required with the revised return.
• The revised return replaces the original.