Revised Return
Definition
A return filed to correct an error or omission in an income-tax return already submitted, within the time limit allowed. It replaces the original return for the year.
Related Terms in India GST
Updated Return (ITR-U)
A facility allowing Indian taxpayers to file or correct a return for a past year beyond the normal revision window, generally on payment of additional tax. It cannot be used to reduce tax or claim a refund.
Self-Assessment Tax
The balance of income tax a taxpayer pays on their own computation before filing the return, after accounting for TDS, TCS and advance tax already paid. Interest may apply on amounts not covered by advance tax.
Interest under Sections 234A/234B/234C
Interest charged under India's income-tax law for late filing of the return (234A), shortfall in payment of advance tax (234B), and deferment of advance-tax instalments (234C). Each is computed differently on the shortfall.
Professional Tax
A state-level tax on income from employment, trade or profession levied by several Indian states, usually deducted by employers from salary and deposited with the state. Rates and slabs vary by state.
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