Not prepared for ITR filing: Should you file your ITR now with available information or wait and file a belated ITR?

July 31, 2026 is the due date to file income tax return (ITR) by salaried individuals, pensioners, students and other taxpayers who are not required to conduct a tax audit. However, the revised ITR due date is March 31, 2027 for AY 2026-2027. The catch is a revised ITR can be filed only if you have filed an original ITR which is yet to be processed.

So you may wonder, what if you file the ITR now in a rush without organising the statements and documents, just based on the auto-fill information and later file a revised ITR to correct it? It may sound like a good idea, but this could be a mistake.

Ideally revised ITR should only be used to correct any minor mistakes in the original ITR. If your deviation of income or loss disclosed via revised ITR is very big, it can catch the attention of the tax officer who in turn may decide to investigate it further.


Chartered Accountant Abhishek Soni, co-founder, Tax2Win says that filing an accurate ITR within the due date and revising it later, if necessary, is generally preferable to missing the deadline and filing a belated return. However, the original return should be prepared in good faith using the most accurate information available at the time of filing. Soni says: "Do not intentionally furnish incorrect information merely to meet the filing deadline. A revised ITR is meant to correct genuine errors or omissions, not to rectify deliberate under-reporting of income."

Also read:Reporting perquisite as capital gain in ITR by mistake resulted in Rs 6.63 crore penalty for a salaried employee; ITAT Mumbai granted him relief for this reason

Recently, there was such a case where a taxpayer had reported a small loss of Rs 1.59 lakh but in the revised ITR, declared a whoppingRs 1.06-crore loss. The problem arose because a junior staff member of a CA firm filed the ITR. Ultimately, the taxpayer won the case in ITAT as the CA firm's owner gave an affidavit about this mistake and since this mistake did not result in any tax avoidance, ITAT allowed the taxpayer's appeal.

Also read: Rs 17.41 lakh penalty for ITR filing mistake: CA firm's owner's affidavit helps taxpayer get relief in ITAT Mumbai; know how

What is a revised ITR?

Soni says that a revised ITR, is filed under Section 139(5) of the Income Tax Act to correct errors or omissions in an already filed ITR. The revised ITR due date is March 31, 2027 for AY 2026-2027.

Shaily Gupta, partner, Khaitan & Co, says that the time limit for filing a revised return has been extended by Budget 2026 from nine to twelve months from the end of the relevant tax year. Consequently, the deadline has shifted from December 31st to March 31st of the year succeeding the relevant tax year.

Soni says: "Taxpayers can use a revised income tax return to update incorrect income details, deductions, or other information to ensure accurate tax filing and avoid notices or penalties."

The process of filing income tax returns can sometimes be complex and prone to errors. Section 139 (5) of the Income Tax Act of 1961, i.e., Revised Return, allows taxpayers to correct the discrepancies in their IT returns, should there be any unintentional errors or omissions, even after receiving a tax notice.

Also read: July 31 isn't the ITR deadline for everyone: Who can file income tax returns by August 31, 2026?

When to use revised ITR option?

Soni says you can and should use revised Income Tax Return (ITR) to correct mistakes or omissions made in the original ITR. Here are some of the most common reasons why a taxpayer might file a revised ITR:

• Correction of errors:

If you realize that you have made an error or omission in your original ITR, such as reporting incorrect income while income tax e-filing, deductions, or any other information, you can file a Revised Return to correct those errors. This allows you to provide accurate and updated information to the tax authorities.

• Missed reporting:

If you inadvertently omitted certain income sources or failed to include certain deductions or exemptions in your original ITR, you can file a Revised Return to include those missed details. This helps ensure that your tax assessment is based on complete and accurate information.

• Changes in tax calculation:

If there are changes in the tax laws, rules, or tax rates that affect your tax liability after you have filed your original ITR, you can file a Revised Return to incorporate those changes in your tax calculation. This allows you to adjust your tax liability accordingly.

Also read: Confused about ITR forms? Here's how to pick the correct ITR for AY 2026-27

• Other situations:

Change in residential status: Shifting from resident to non-resident or vice versa after initial filing.

Correction of assessment by Income Tax Department:

Addressing discrepancies raised by the income tax authorities in their assessment.

Claiming tax refund due:

Realising you're eligible for a refund after the original ITR filing due to overpaid taxes.

When to file a belated ITR?

Belated ITR can be filed only if you have missed filing the original ITR. File it if you need to file an ITR but missed the original due date of July 31, 2026. Do note that if you miss the belated ITR due date of December 31, 2026. Then it will have the same consequences as not filing an ITR.