Made a mistake in your filed income tax return? Check the revised ITR filing last date, what are the charges

Have you filed your taxes in a rush and noticed a mistake or discovered that you omitted some information after submitting?

Many things can go wrong when filing your taxes, such as inputting the incorrect bank account number, claiming an improper deduction, or incorrectly declaring interest income. The Income Tax Department offers an option to file a revised Income Tax return (ITR) for such cases. The original ITR will be replaced by the revised return, which will be deemed offered on the previous filing date.

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What is a revised ITR?

If taxpayers make mistakes when reporting their ITR, they can file revised income tax returns under Section 139(5) of the Income-tax Act, 1961.

A person may file a revised tax return under Section 139(5) if, after filing, they find an error or omission on their tax return.

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What is the charge for filing revised ITR?

There are no penalties or charges for filing a revised income tax return.

What is the last date to file revised tax returns

According to section 139(5) the last date to file a revised ITR for FY 2023-24 (assessment year 2024-25) is December 31, 2024, or before the completion of the assessment, whichever is earlier.

Who can file a revised ITR?
Under Section 139(5) of the Income-tax Act of 1961, any assessee who has filed an ITR can revise it in order to furnish the tax department with accurate information. Even individuals who file a belated ITR, or ITR filed after the deadline, are eligible to file a revised return. Previously, only taxpayers who filed ITR before the deadline could alter their returns.

How many times can you file a revised ITR?
There is no limit to the number of revised returns that you can submit. Remember that you must give comprehensive details of the original ITR every time you file a revised return.
Note that revised income tax return (ITR) can be revised again, subject to certain conditions.

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How to file a revised ITR

Step 1: Go to the Income Tax Department’s e-filing website and log in to your account.
Step 2: In Part A of General Information, select Revised Return under Section 139(5) mentioned in the drop-down section
Step 3: Provide original return details
Step 4: Choose the appropriate ITR form
Step 5: In the revised return form, make the necessary corrections or updates.
Step 6: If necessary, submit upload or submit them along with the revised return.
Step 7: After verifying the details , submit the revised return.