ITR Filing: What is a revised ITR? When do I need to file it? Is there any penalty?

The due date for filing Income Tax Return (ITR) for FY 2022-23 (AY 2023-24) is July 31, 2023, and it’s important to file error free ITR. Generally, the taxpayers make some common errors while filing ITR. These errors may pertain to not disclosing details of all incomes or forgetting to claim deductions.

However, there's nothing to worry about if you make an error in filing ITR. Fortunately, the Income Tax Department offers a provision for taxpayers to rectify any sort of mistakes that they might have done during their filing process and further submit a revised ITR.  

It is important to note that filing a revised ITR is just like filing a new ITR with corrections under Section 139(5) of the Income Tax Act.

Taxpayers may need to provide correct information and also any missing details while filing revised ITR.

When to file a revised Income Tax Return?

If the taxpayers discover any error or omission of relevant details like income, bank details, personal information, or miss adding certain income sources or forget to claim deductions, a revised ITR should be filed. When there is mismatched information in the ITR and Form 26AS or AIS, it’s advisable to file a revised ITR.  

Penalty for filing revised ITR?

The income tax department imposes no charges or penalties for the purpose of filing a revised return. However, certain interests will be levied in case of a revision in income or change in tax liability.

Due date for revised ITR

Taxpayers can revise the ITR after the due date of July 31, 2023, and before the last date for filing the return (31st December) of the relevant Assessment year.

How to file a revised ITR?         

1. Log in to the Income Tax e-filing portal with your user ID and Captcha code.

2. Once logged in, click on the e-filing menu and choose the 'Income Tax Return' link.

3. A new page will appear where your PAN details will be shown by default. Select the options of the assessment year, ITR form number, and Filing type (original or revised return) and finally 'Prepare and submit online'.

4. In the online ITR form under the 'General Information' tab, choose the option of return filing section as 'revised return' and revised filing type as 'revised'.

5. Next, enter the acknowledgment number and date of filing of the original return along with other relevant details of the form and submit.

5. Lastly, e-verify the returns for faster processing.