Revised Income Tax Return: Meaning and How to File?
Filing an Income Tax Return (ITR) is a crucial responsibility for taxpayers in India. However, mistakes can occur while filing the return, such as incorrect income details, wrong deductions, or missing documents. To rectify such errors, the Income Tax Department allows taxpayers to file a Revised Income Tax Return (Revised ITR). This article explains what a revised return is, when it should be filed, and the correct process for filing one.
What is a Revised Income Tax Return?
A Revised Income Tax Return is a tax return that allows taxpayers to correct any errors or omissions in their original ITR. It is filed under Section 139(5) of the Income Tax Act, 1961. If a taxpayer discovers any mistake in their ITR after submission, they can revise it before the deadline to avoid any complications with the tax authorities.
When Should You File a Revised ITR?
You can file a revised ITR under the following circumstances:
Incorrect Personal Information – Mistakes in details like name, PAN, address, or bank account details.
Wrong Income Declaration – If there was an error in reporting total income or a specific income source was missed.
Incorrect Deductions or Exemptions – If deductions under Section 80C, 80D, 80G, etc., were claimed incorrectly or missed.
TDS/TCS Mismatch – If there is a discrepancy in the TDS details as per Form 26AS.
Mistakes in Tax Calculation – If there was a calculation error in tax liability, leading to excess or short payment.
Missed Bank Interest or Other Income – If certain incomes like interest from savings accounts or FDs were not included.
ITR Filed Under the Wrong Form – If you filed ITR using the incorrect form applicable to your income category.
Income Tax Department's Intimation – If you receive an intimation from the IT department asking for corrections.
Deadline for Filing a Revised ITR
As per Section 139(5), a revised return can be filed before three months prior to the end of the relevant assessment year or before the completion of assessment, whichever is earlier.
For instance, for the financial year 2023-24 (AY 2024-25):
The original due date for filing ITR is 31st July 2024.
The last date for filing a revised return is 31st December 2025 (i.e., three months before the end of AY 2024-25).
If an assessment is completed before this date, you cannot revise your return thereafter.
How to File a Revised Income Tax Return?
Here is a step-by-step guide to filing a revised ITR online:
Step 1: Log in to the Income Tax e-Filing Portal
Visit the Income Tax Department’s website
Log in using your PAN/Aadhaar and password.
Step 2: Choose the ‘File Revised Return’ Option
Go to the e-File section and select Income Tax Return.
Choose Assessment Year (AY) for which you are filing the revised return.
Select the relevant ITR form applicable to your income.
Step 3: Enter the Revised Details
In the ITR form, enter the correct details that need to be updated.
In the section “Return filed under Section”, select 139(5) - Revised Return.
Enter the Acknowledgement Number and Date of the original ITR.
Step 4: Verify and Submit the Revised Return
Cross-check all details to ensure accuracy.
Submit the revised ITR and e-verify it using Aadhaar OTP, Net Banking, or Digital Signature.
Consequences of Filing a Revised ITR
Updated Tax Refunds or Payments – If you overpaid tax, you may receive an additional refund. If you underpaid, you must clear the dues with interest.
No Penalty for Genuine Mistakes – If the revision is made within the deadline, there is no penalty unless fraudulent activity is detected.
Multiple Revisions Allowed – There is no limit on the number of times you can revise an ITR within the prescribed time.
Possibility of Scrutiny – Frequent revisions might trigger scrutiny by the IT department, so always ensure genuine corrections.
Important Points to Remember
- You cannot file a revised ITR if your original return was filed belatedly (after the due date).
- Ensure all corrections are accurate to avoid further revisions.
- Keep a copy of both original and revised returns for future reference.
Conclusion
A Revised Income Tax Return is a useful provision that allows taxpayers to correct errors in their original return without facing penalties. By filing the revised ITR before the deadline and ensuring proper documentation, you can avoid unnecessary tax complications. If you are unsure about the process, consulting a professional tax expert like Web Online CA can make the process easier and error-free.
1.Who can file a Revised Income Tax Return?
Any taxpayer who has filed an original ITR within the due date can file a revised return if they need to correct errors or omissions in the original filing.
2.Is there any penalty for filing a Revised ITR?
No, there is no penalty for filing a revised return if done within the deadline.
3.Will filing a Revised ITR delay my tax refund?
Yes, if you have claimed a refund in your revised return, the processing may take longer as the Income Tax Department will reassess your tax details before issuing the refund.
