What is Revision of Income Tax Return?
What is revision of Income tax return? An Income Tax Return can be revised within five years of being originally filed. It is done to correct any omission or wrong statement discovered later on. In order to revise one has to file an application for revision in Iris. After approval of your application you can file a revised Income Tax Return in Iris. A Wealth Statement can be revised without the need to file an application for revision. How to file the income tax after due date? To file the online Income Tax Return after due date you still have to complete the whole process. For how much time you need to keep the tax record? People having taxable income are bound to keep Income Tax Return records for six (6) years.