Income Tax Return Revision after ITR Filing: What happens when you notice a wrong entry or any other discrepancies in your filed income tax return? How can you revise your ITR after receiving a notice from the Income Tax Department.
Income Tax Return Revision after ITR Filing: ITR filing deadline was not extended beyond July 31 despite calls from taxpayers and tax professionals who cited technical glitches on the e-filing portal as the main reason behind their demand to stretch the due date to submit income tax returns.
According to the Income Tax Department website, about 7.29 crore income tax returns (ITRs) have been filed for the Assessment Year 2024-25, of which 6.16 crore returns are verified. The I-T Department has so far processed 2.69 crore ITRs, official data showed.
What if you missed the ITR filing deadline?
The last date to file the ITR was July 31 and if you for some reasons missed the deadline, the Income Tax Department gives you another chance to submit you tax return with a late fee under Section 139(4). Now you have to file a belated return and the deadline to file a belated return for the financial year 2023-24 is December 31, 2024. The penalty for filing a belated return ranges from Rs 1,000 to Rs 5,000. If your total annual income is more than Rs 5 lakh, you will be charged a penalty of Rs 5000 along with an interest on outstanding tax amount, if any. Similarly, those with an annual income of less than Rs 5 lakh but above the basic exemption limit of Rs 2.5 lakh under the old tax regime or Rs 3 lakh under the new tax regime will have to pay a late fee of Rs 1,000 while filing a belated return.
If you notice any discrepancy, wrong entry or ommission in your ITR, you can file a revised ITR. The deadline to file a revised ITR is also December 31, 2024.
How to file a revised income tax return after the expiry of ITR due date?
The ITR filing’s last date was July 31 and there would be many who would be thinking of filing a revised ITR due to some omission or wrong statements in their original ITR. Now such taxpayers would have to file a revised return under Section 193(5). But remember you have to file this revised return before December 31 with a late fee and other charges, if any.
Can you revise your ITR after receiving a notice from the Income Tax Department?
Yes, You can revise your ITR after getting a notice from the tax department. Under Section 139(5), you are entitled to file a revised return within stipulated time. For the financial year 2024-25, you can file a revised return by December 31, 2024.
How to file a revised ITR?
To file a revised return, the first thing that is needed is Income Tax Return-Verification (ITR-V) Form from the original return filing. Also, you need the acknowledgement number and filing date of the original IT Return. These can be found on ITR-V or in the I-T department’s e-filing portal if you filed your original ITR online.
Steps to file a revised return on e-filing portal of the Income Tax Department:
- Log in to the Income Tax e-filing portal.
- Select the ‘Quick e-file’ option.
- Choose relevant ‘AY’ and submit the selection.
- Under ‘Filing Status’, choose the employer category and return-related information.
- In column A21, choose ’17 – revised return – 139(5)’
- In column A24, enter acknowledgement number of original ITR, date when the return was first filed.
- Fill in the correct details of tax exemptions and income as per the original return.
- Submit the form.
- Print ITR-V of the revised return and sign this ITR-V.
- Send it, along with the ITR-V of the original return to the Central Processing Centre (CPC) in Bengaluru.