What is a Revised Tax Return? When And How Should You File It? 

If you make errors while filing your taxes, don't worry. The Income Tax department lets you correct them by submitting a revised ITR (Income Tax Return). Think of it as making edits to your original filing. This process is covered under Section 139(5) of the Income Tax Act. Remember, the deadline for filing your ITR is July 31.

What is a Revised Income Tax Return?

A revised income tax return stands for the refiling of tax returns by an individual if there is any mistake, omission, or editing made during the filing of the income tax returns. A taxpayer can improve his/her mistakes when filing a revised return. A revised tax return can be refiled as per the income tax section act 1961, section 139(5). 

In Simple words: A revised income tax return is like a do-over for your taxes. If you made mistakes or forgot something when filing your taxes, you can fix them by submitting a corrected version of your tax return. It's like giving your taxes a second chance to be accurate.

For instance- If an assessee missed declaring the earned interest from a bank account, or deductions for the premium policy that you bought earlier. In such a case you can file a revised interest income and claim the deductions.

How To File Revised Return?

To file your revised income tax return, the following are the essential steps that you need to follow-

• Firstly, You have to go to the website of the income tax department (https://eportal.incometax.gov.in/iec/foservices/#/login) and log in to the portal with your (PAN)ID and password, and captcha.
• Having logged in to the portal, You just have to select e-filing and after this choose the ‘income tax link.
• After some time your PAN details will be synced automatically, and then choose the assessment year, filing type (original or revised returns) and select the mode of submission and submit it online.
• In the next step, you need to select the “return filing section’ as “revised return under section 139(5) and the type of return filing as “revised”, You can see this option under “General information”.
• Now, fill out the declaration number of 15 digits and the date of filing the original tax returns. It is important to fill out the declaration number while filing income tax returns.
• Then You have to fill out the correct and relevant information on the online tax return form and submit the income tax return. e-verify the returns for fast processing and an immediate refund.

When Is The Date For Filing the Revised Income Tax Return?

A taxpayer must file a revised income tax return before the end of the (Assessment Year) A.Y. or before the completion of the A.Y. If s/he fails to file a revised return within the current assessment year then the income tax department has the right to impose the penalties under section 234f. 

For better understanding, If any individual had filed his/her income tax return in the assessment year of 2020-21 but later that individual gets to know that s/he had made mistakes in the process of filing income tax returns.

Therefore, the last date for filing a revised income tax return will be the assessment year of 2021-22 and the 31st of March. Before the completion of this assessment year, he/she has to file revised income tax returns.

The due date for revised ITR in 2023: Taxpayers can revise their income tax return after the due date of 31st of July 2023 and before the last date for filing the return (31st December) of the relevant AY.

Important Points To Remember When Filing Revised Income Tax Return

There are certain points to remember when filing revised income tax returns to avoid mistakes and omissions. The following are details to be considered. 

• The last date for filing the revised tax returns is the 31st of March and the assessment year is 2021-22.
• The original tax returns are replaced with the revised tax returns including the edited information and details.
• You must go through the revised form once you complete it just to ensure the details.
• When filing the revised return make sure you are furnishing the right information in the form.
• Furnish revised tax returns on account of spot mistakes and omissions in the original tax returns.

Is There Any Fee Levied For Filing a Revised Income Tax Return?

No, there is no fee or charge levied when filing the revised tax returns. On account of filing the original tax returns before the due date, there is no fee levied on revised tax returns. 

But if any individual has filed his/her tax returns after the end of the due date, then in this case when the individual will be levied a certain amount of charge or fee when filing the revised income tax returns. 

According to the tax laws, if an individual has paid the late filing fee for original tax returns so there is no need to pay the penalty fee whenever he/she files the revised income tax returns.

Frequently Asked Questions

What is a revised tax return?

A revised income tax stands for the refiling of tax returns by an individual if there is any mistake, omission, or editing made during the filing of the income tax returns. A taxpayer can improve his/her mistakes when filing revised income tax returns. A revised tax return can be refiled as per the income tax section act 1961, section 139(5). 

Is there any penalty for filing a revised return?

No. There is no penalty for filing the revised tax returns in case you have paid the penalty fee of the original tax return. if an individual has paid the late filing fee of original tax returns so there is no need to pay the penalty fee whenever he/she files the revised income tax returns.

When can a revised return be filed?

You can file revised tax returns in case of an omission or any mistakes in the original tax returns. A revised tax return can be refiled as per the income tax section act 1961, section 139(5). 

What is meant by a revised return?

Filing revised returns means filing the original tax returns again but with the correct details this time.

How to verify revised tax returns?

The process of verifying revised returns is similar to the process of e-verification. You can verify the tax returns with the PAN, Aadhaar card, Demat account, or Bank account.

How do I correct mistakes made in filing income tax returns?

You can improve your omission or mistakes made while filing the tax returns by fling the revised income tax return with proper details.

Who should file revised tax returns?

All the individuals who have unknowingly made mistakes when filing their income tax returns can file revised tax returns to correct those omissions with the proper details.

Is it necessary to verify the revised return?

Yes. it is very important to e-verify the revised income tax return to complete the process.

Can I cancel my revised tax return?

No. Once you submitted the revised tax return, you can not cancel it anymore. You can only file the revised form again if there are still any mistakes remain in the form.

Also Read: Canceling GST Registration After Without Valid Reason Is Unfair

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