Revised Income Tax Return: Correcting Errors and Fixing Mistakes

Revised income tax return is a corrected version of your original tax return.

If you made any mistake in ITR and need to correct then you can submit the revised ITR which serves as a substitute for the original ITR.

Common Mistakes Requiring a Revised ITR

• Wrong ITR form (e.g., using ITR 1 instead of ITR 2)
• Incorrect income reporting or reporting income under the wrong column
• Missing income reporting (e.g., from mutual funds)
• TDS mismatch in Form 26AS or with Annual Information Statement (AIS)
• Incorrect or fake deductions claimed, or claimed lower deductions than eligible

Who is eligible to file a revised income tax return under Section 139(5)?

Anyone who has filed an original ITR under Section 139(1) of the Income Tax Act, 1961, is allowed to file a revised return under Section 139(5) if needed.

What is Belated income tax return?

Belated income tax return is a tax return filed after the original due date specified by the Income Tax Department.

A taxpayer can revise and refile their income tax return even if it was submitted late as a belated return.

Due Date to Revise ITR

The due date for submitting a revised ITR is December 31, 2024 to file the belated and revised income tax returns for FY 2023-24 (AY 2024-25).

Changing Tax Regime While Filing Revised ITR

• If you have filed original ITR before 31st July 2024 having no Income from Business and Profession. Then, you can switch tax regime before 31st December 2024.

• If you have filed original ITR in New Tax Regime after 31st July 2024 with having no Income from Business and Profession. Then, you cannot opt for old tax regime.

Guide to Filing a Revised Income Tax Return

• Visit the official Income Tax e-Filing portal and log in using your credentials.
• On the dashboard, select the Relevant assessment year for which you want to file a revised return.

• Under the ‘e-File’ tab, select ‘Income Tax Return’ and choose the option for filing a revised return.

• Provide details such as the acknowledgment number and filing date of the original return.

• Choose the same ITR form that was used for filing the original return, based on your income sources.

• In the revised return form, correct any errors or update information related to income, deductions, etc.

• If changes require supporting documents, upload them along with the revised return.

• Carefully review all details in the revised return form for accuracy before submitting.

• After submission, a new acknowledgment number for the revised return will be generated. Keep this for future reference.

• E-verify the revised return using methods like Aadhaar OTP or EVC, or send a signed physical copy (ITR-V) to the CPC.

• Check the processing status of your revised return on the e-filing portal regularly.

Essential Tips for Completing ITR 1 Form Correctly For AY 24-25 Click here

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