Did you make a mistake in your tax return? Check the deadline for filing the revised return, what are the fees?

Have you ever rushed through your tax return and noticed a mistake or discovered you left out some information after you filed it? There are many issues that can arise while filing your taxes, such as entering an incorrect bank account number, claiming an incorrect deduction, or declaring interest income incorrectly. The Income Tax Department provides an option to file a revised income tax return (ITR) in such cases. The original ITR will be replaced by the revised return, which will be deemed to have been filed on the previous filing date.

ITR Filing Deadline Extension: Why Hopes of an ITR Filing Deadline Extension Are Fading

What is a revised ITR?

If taxpayers commit any mistakes while filing their ITR, they can file revised returns of income under Section 139(5) of the Income Tax Act, 1961.

A person may file a revised return of income under section 139(5) if, after filing it, he discovers an error or omission in his return of income.

There is no need to file a revised ITR in case of errors: you can “reject” the filed ITR and file it again, but only if it has not been verified

What are the fees for filing a revised ITR?

There are no penalties or fees for filing a revised tax return.

What is the last date to file revised income tax returns?

As per section 139(5), the last date for filing revised ITR for the financial year 2023-24 (assessment year 2024-25) is 31st December 2024 or before the end of assessment, whichever is earlier.

Who can file a revised ITR?
Under Section 139(5) of the Income Tax Act, 1961, any taxpayer who has filed an ITR can revise it to provide the tax department with accurate information. Even those who file an ITR late or after the due date are eligible to file a revised return. Earlier, only taxpayers who filed an ITR before the due date could amend their return.

How many times can you file a revised ITR?
There is no limit to the number of revised returns you can submit. Remember, you must provide full details of the original tax return each time you submit a revised return.
Please note that the revised income tax return (ITR) may be revised again, subject to certain conditions.

Despite successful filing of ITR, tax refund may not be credited to your bank account due to this issue

How to File a Revised ITR

Step 1:Go to the Income Tax Department’s e-filing website and log in to your account.
2nd step:In Part A of the General Information, select Revised Declaration under Section 139(5) mentioned in the drop-down section.
Step 3: Provide original return details
Step 4: Choose the appropriate ITR form
Step 5:In the revised declaration form, make any necessary corrections or updates.
Step 6: If necessary, submit them as uploads or submit them with the revised return.
Step 7:After verifying the details, submit the revised return.