What happens if you file wrong ITR? Can you change income tax return after submission?

Filed the wrong ITR? No need to worry, as the Income Tax Act in India allows you to file a revised return if you discover any omissions or errors in your original or belated return.

Taxpayers who mistakenly use an incorrect form can file a revised return. However, deliberate underreporting or intentionally selecting the wrong ITR form to disclose incorrect income can result in penalties ranging from 100% to 300% of the tax amount due.

How to correct wrong ITR filed?

You can correct your income tax return by filing a revised income tax return under Section 139(5) of the Income Tax Act.

By when can the revised ITR for AY 2024-2025 be filed?

The revised return for the assessment year 2024-2025 can be filed on or before 31 December 2024 or before the completion of the assessment of the original return, whichever is earlier. To avoid any delays in filing revised returns or to ensure accurate ITR filing, it is important to review your return carefully before submission.

Also read: Income Tax Refunds: How many days it takes to get tax refunds after filing ITR

How many times income tax returns can be revised?

You can revise your income tax returns as many times as needed, as the income tax department does not specify a limit on the number of revisions. However, it is recommended to file a revised return only once, ensuring that all necessary corrections are covered.

What if the revised ITR has some errors in it?

If the revised return contains any errors, you can file another revised return within the specified time limit to correct them.

What is the last date to file a revised income tax return?

As per Section 139(5) of the Income Tax Act, an assessee can file a revised return by 31st December, which is three months before the end of the relevant assessment year, or before the completion of the assessment, whichever is earlier.

Also read: Should you file ITR if your total income less than Rs 5 lakh?

Is there any penalty for a revised ITR filing?

No, there is no penalty for filling a revised return.

Can you file a revised ITR for a belated income tax return filed after the due date?

Yes, a revised return can be filed for a belated return. The belated return for FY 2023-24 can be filed by 31st December 2024.