Revised Income Tax Return (ITR) Filing for AY 2023-24: To err is human. Taxpayers also make mistakes while filing their Income Tax Returns. This year is also no exception. These mistakes may be in the form of not disclosing all incomes or forgetting to claim some deductions.

However, the Income Tax rules provide an opportunity for taxpayers to rectify their mistakes by filing a revised Income tax Return (ITR) within a fixed time frame. But there is no additional fee for filing a revised return. This article provides all the key details taxpayers need to know about filing revised returns.

When should you file a revised return?

“In case the taxpayer has omitted some information or made an error, he or she must file a revised ITR and report information accurately,” says Archit Gupta, CEO of Cleartax, a tax filing platform.

According to Dr Suresh Surana, Founder, RSM India, Section 139(5) of the Income Tax Act, 1961 allows taxpayers to file a revised return of income. Such return may be filed by the taxpayer under the following circumstances:

– The taxpayer discovers any error or omission made by them while filing their original income tax return, such as reporting incorrect income, deductions, bank details, personal information, or any other information.

– The taxpayer realizes that he/she inadvertently omitted certain income sources or failed to include certain deductions or exemptions or missed to report and carry forward losses in his original return provided the same could have been claimed at the time of furnishing the original return.

– The taxpayer notices that there is a mismatch in income between the original return of income and Form 26AS/AIS.

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Abhishek Soni, Co-Founder of Tax2win, an ITR filing platform says, a revised ITR should be filed in the following situations:

● Correcting errors or omissions in the original ITR filed
● Reporting additional income that was missed in the original ITR.
● Including additional deductions or exemptions not claimed initially.
● Receiving revised Form 16 or TDS certificates reflecting updated information.
● Changes in tax filing status (, non-resident status, etc.).
● Receiving a notice from the Income Tax Department to file a revised ITR.

Is there a penalty for filing a revised ITR?

Tax experts say there is no penalty for the purpose of filing of revised return. However, there may be interest consequences depending upon the revision in income.

“The income tax department levies no penalty or charge if you file a revised income tax return. So, if you have made any mistakes in filing your income tax return, given the technicalities involved, don’t be afraid. You can file a revised return and correct any errors or omissions that you made while filing the ITR,” says Soni.

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Can you revise ITR after the Due Date, July 31?

Yes, a taxpayer can revise the ITR after the Due Date of July 31. “A taxpayer can revise his return after on or before 31st December of the relevant assessment year i.e. on or before 9 months from the end of the financial year. As such, filing of revised return after 31st July is feasible,” says Dr Surana.

“Yes, A Revised Return can be filed before the last date for filing the return (31st December) or before the completion of the assessment, whichever is earlier,” says Soni.

Also Read: Income Tax Return processing Time AY 2023-24: When will you get refunds?

What is the last date for filing a revised ITR?

Experts say that Section 139(5) allows taxpayers to furnish a revised return at any time before three months prior to the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

Therefore, with respect to AY 2023-24, taxpayers can file a revised return on or before 31st December 2023 i.e. on or before 9 months from the end of the financial year 2022-23.

“ITR can be revised 3 months before the end of the relevant assessment year, therefore returns for FY 2022-23 can be revised till 31st December 2023,” says Gupta.