Did you make a mistake on your filed income tax return? Check the due date for filing your revised income tax return. What are the fees?

Have you filed your tax return in a hurry and noticed an error or found that you have left out some information after filing it? Many things can go wrong while filing your tax return, such as entering an incorrect bank account number, claiming an incorrect deduction or misreporting interest income. The Income Tax Department provides an option to file a revised Income Tax Return (ITR) for such cases. The original ITR will be replaced by the revised return, which will be deemed to have been filed on the earlier filing date.

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What is a revised ITR?

If taxpayers make mistakes while reporting their ITR, they can file revised income tax returns under Section 139(5) of the Income Tax Act, 1961.
A person may file a revised tax return under Section 139(5) if, after filing, he or she finds an error or omission in his or her tax return.

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

What is the cost of filing a revised ITR?

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

What is the last date to file revised tax returns?

As per section 139(5), the last date for filing a revised ITR for the financial year 2023-24 (assessment year 2024-25) is 31st December 2024, or before the completion 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 a tax return can amend it to provide the tax department with accurate information. Even individuals who file a tax return late or after the due date are entitled to file a revised return. Previously, only taxpayers who filed a tax return before the due date could amend their returns.

How many times can a revised ITR be submitted?
There is no limit to the number of revised returns you can file. Please remember that you must provide complete details from the original tax return each time you file a revised return.
Please note that the revised Income Tax Return (ITR) can be revised again, subject to certain conditions. Despite filing the ITR successfully, the 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.
Step 2:In Part A of General Information, select Revised Declaration under Section 139(5) mentioned in the drop-down section.
Step 3: Please provide the original return details
Stage 4: Choose the appropriate ITR form
Step 5:On the revised return form, make any necessary corrections or updates.
Step 6: If necessary, send and upload or submit them along with the revised return.
Step 7:After verifying the details, submit the revised return.