I have filed my ITR3 form before 31st Dec 2021 but later (i.e. 3rd Jan 2022) I realized that I have forgot to mention all bank account in my original ITR form. Rest everything was correct (Interest income from all bank account, Carry forward losses from FnO etc.).
Should I file revise ITR 3 now and will I be able to carry forward Stock Market Trading losses in the revise form as well if I revise it now after due date (i.e. 31st Dec 2021)?
Hi @Abhinav_Omar, if you revise your Income Tax Return you will be able to add your bank account and would also be able to carry forward your losses. All this would only be applicable if you have filed your original return before the due date. Hope I answered your question. 
Forgot to file your ITR before the due date? Forgot to report an income source while filing ITR? Well, not all is lost. You can still file a belated and revised return respectively.
Revised return is a return which is filed u/s 139(5) as revision for the original return . It is a revision for any omission or mistake made in the filing of that original return. And as the name suggests, a belated return is a return which is filed after the stipulated due date mentioned in the income tax rules .
I forgot to file my ITR for FY 2020-21. What do I do?
If you have forgotten to file you ITR for FY 2020-21, you can file a belated return under section 139 (4) before the 31st of March '22.
What are the consequences for filing a belated return?
There are certain consequences if you file a belated return. You will:
I had filed my ITR before the due date, but had forgotten to report one of my incomes. What should I do?
You can still file a revised return under section 139 (5) to correct errors and omissions that might have been made in the original return. For FY. 20-21 you can file a revise return on or before 31st March 2022.
What is the penalty for filing a revised return?
There is no penalty or interest. However be mindful, your revised return will substitute your original return and you will need to e-verify it again.
More such questions about revised returns and belated returns bugging you? Ask away and weād love to help you out.
This is the 1st time I am filing ITR.
I was a NRI and Moved to India permanently in August 2020.
I started trading in June 2021, Do I have to file IT returns by 31 March 2022?
Hi @nnaveedm, for your trading income in June 2021, you will have to file the return in the next AY 2022-23. If you have any other income from Apr 20 to Mar 21, you will have to file its return by 31 March 2022.
Under which section I should file ITR? I tried filing it under 139(5) revised but when I reach the last step of E-verification by Aadhar OTP it says Invalid acknowledge number. When I tried reaching to ITR official helpdesk they asked me to file under 139(4) but filing under 139(4) shows penalty under 234F. Please advise under which section I should file the ITR so that i234f is not applied.
Hi Harshil,
If you have already filed the original return then you can file the revised return u/s 139(5) adding the acknowledgement number and date of filing of your original return.
However, if you have not filed any return for that FY then you have to file your return u/s 139(4) as belated return. Late filing penalty u/s 234F is levied based upon your total income in case of belated return.
Allow us to schedule a quick call with you in order to provide more information. Kindly drop your contact details here: https://quicko.com/contact-us
For the option āPlease file a revised returnā, where to file it? The link takes me to a page where there is no option that says anything about 143/1a. There is 92CD and 119/2b.
The option to file a revised return means that you have to prepare and file the income tax return again.
Hope this helps!
Hey Team,
I already received refund but I want to file revised ITR
how to update refund amount in quicko portal.
I already updated acknowledgement number and date.
Hi @Hemanth_Kumar1,
The details of the refund received are not required to be mentioned while filing a revised return. If the eligible refund is higher in the revised return, the balance refund amount shall be issued by the ITD. In case, the refund amount is lower, you can pay the differential amount and file the return.