Consequences of filing a revised return
There are no specific consequences of filling a revised return except that during the course of assessment proceedings, the tax officer may inquire about the reason of revised return

While small changes like rectification of personal details or updating bank account details may not lead to any scrutiny by the taxman, significant changes from the income declared, or deductions or expenses claimed in the earlier return may be picked up by the department. Filing a revised tax return may increase the chances of tax return being picked up for a detailed scrutiny assessment

Returns can be revised to correct errors that might have happened in the earlier return filed or to include information that one inadvertently missed out providing earlier... The mode of filing and method of verification is similar to that for original return

But if you have a genuine reason, there's no need to worry. "One should be wary of reducing drastically the income offered to tax; else it may attract the department's attention. However, as long as you have a genuine case and can justify your claim before the authorities; this is not a cause for worry

SIPs are Best Investments as Stock Market s are move up and down. Volatile is your best friend in making Money and creating enormous Wealth, If you have patience and long term Investing orientation. Invest in Best SIP Mutual Funds and get good returns over a period of time. Know which are the Top SIP Funds to Invest Save Tax Get Rich - Best ELSS Funds

For more information on Top SIP Mutual Funds contact Save Tax Get Rich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com