The deadline to file Income Tax Return or ITR has ended on July 31st. Now it’s time to focus on filing revised returns. The revised returns are filed by taxpayers if they realize they have made a mistake, forgot to disclose an income source, calculated the wrong tax amount, or forgot to claim deductions. The due date to file a revised return is December 31st of the relevant assessment year.
Filing Revised Returns
The last date to file a revised return or ITR for the FY 2022-23 (AY 2023-24) is December 31st, 2023.
Remember, the Government charges no penalty for filing revised returns. However, it is in the hands of the assessing officer. If the officer finds that the mistake made by the taxpayer is intentional, then a fine may be levied.
“This can be filed under Section 139(5) of the Income-tax Act through the online portal – incometaxindiaefiling.gov.in, or by any other means before the end of the assessment process,” CNBCTV18.
Here are the Steps to File a Revised Return:
- First, visit the official income tax portal.
- Now login to the portal using PAN, password and captcha code.
- After logging in, click the ‘e-file’ and ‘Income Tax Return’ links.
- Your form will be auto-generated on the next page.
- You must select the following options: Assessment Year, ITR form Number, Filing Type’ as ‘Original/Revised Return, and ‘Submission Mode’ as ‘Prepare and Submit Online.’
- Next, under the ‘General Information,’ choose the ‘Return Filing Section’ as ‘Revised return under section 139(5)’ and ‘Return filing type’ as ‘Revised.’
- Enter your ‘Acknowledgement Number’ and ‘Date of filing’ at this step.
- Submit the ITR and e-verify your returns for speedy processing.