Revised Income tax return
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Filing income tax returns is a critical responsibility for every taxpayer in India. However, mistakes or omissions can occur, leading to the need for a revised income tax return. This article aims to guide you through the process of filing a revised income tax return, due date, penalty, eligibility, consequences, ensuring you understand the nuances and comply with the latest regulations.
What is a Revised Income Tax Return?
A revised income tax return under Section 139(5) allows taxpayers to correct any errors, omissions, or inaccuracies in their original return. Whether it’s a misreported income, an incorrect deduction claim, or any other mistake, a revised return gives you a second chance to get it right.
Section 139(5)Â – If any person, having furnished a return under sub-section (1) or sub-section (4), discovers any omission or any wrong statement therein, he may furnish a revised return at any time before three months prior to the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
Common Reasons for Filing a Revised Income Tax Return
Rectifying Mathematical Errors: Correcting computational mistakes or mathematical errors that may have led to discrepancies in the original return.
Missed Deductions or Credits: Claiming deductions, credits, or exemptions that were overlooked in the initial filing, potentially leading to significant tax savings.
Error Correction: Fixing inaccuracies in the original return, such as errors in reporting income, deductions, or other financial details.
Responding to Tax Authority Requests: Revising the return in response to notices or requests from tax authorities indicating discrepancies or the need for additional information.
Reassessment of Eligibility for Tax Benefits: Reassessing eligibility for certain tax benefits, exemptions, or deductions based on new information or changes in personal or business circumstances.
Financial Changes: Updating the tax return to reflect significant financial changes, such as the sale or acquisition of assets, changes in business structure, or other financial events.
Compliance with Tax Laws: Ensuring the return aligns with any changes in tax laws or regulations that could affect the accuracy of the original filing.
Audit Findings: Addressing issues identified during a tax audit where discrepancies or errors were found by tax authorities.
Amendments to Financial Transactions: Correcting or updating financial transactions or investments that were not accurately reflected in the original return.
Additional Income: Reporting any income that was unintentionally omitted from the original return to ensure all sources are properly accounted for.
Correction of Assessment by Tax Department: Rectifying discrepancies or issues highlighted by the income tax authorities in their assessment.
Change in Residential Status: Adjusting the return to reflect a change in residential status, such as shifting from resident to non-resident or vice versa.
Claiming Refund Due: Filing a revised return to claim a refund for overpaid taxes that were not realized during the original filing.
Eligibility for Filing a Revised Income Tax Return
Every taxpayer who has filed an original return under Section 139(1) or a belated return under Section 139(4) can file a revised return under Section 139(5). The revised return can be filed before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
Income tax rates
Old tax RegimeÂ
| Income | Tax rates |
| Upto ₹ 2.50 lakh | 0% |
| ₹ 2.50 lakh – ₹ 5 lakh | 5% |
| ₹ 5 lakh – ₹ 10 lakh | 20% |
| Above ₹ 10 lakh | 30% |
You Can claim deduction under Section 80C, 80D, 80G, etc
For senior citizen (age between 60 & 80 years), tax rate is 0% upto ₹ 3 lakhs. Rest of the rates are same.
For super senior citizen (age above 80 years), tax rate is 0% upto ₹ 5 lakhs. Rest of the rates are same.
In Old tax regime, a maximum tax rebate under section 87A of Rs. 12,500 is available for income upto Rs. 5 lakhs meaning your income is totally tax free till Rs. 5 lakhs. The rebate under section 87A is not allowed to a Non-resident.
New tax Regime (FY 23-24)
| Income | Tax rates |
| Upto ₹ 3 lakh | 0% |
| ₹ 3 lakh – ₹ 6 lakh | 5% |
| ₹ 6 lakh – ₹ 9 lakh | 10% |
| ₹ 9 lakh – ₹ 12 lakh | 15% |
| ₹ 12 lakh – ₹ 15 lakh | 20% |
| More than ₹ 15 lakh | 30% |
New tax Regime (FY 24-25)
Income | Tax Rate |
Upto ₹ 3 lakh | 0% |
₹ 3 lakh – ₹ 7 lakh | 5% |
₹ 7 lakh – ₹ 10 lakh | 10% |
₹ 10 lakh – ₹ 12 lakh | 15% |
₹ 12 lakh – ₹ 15 lakh | 20% |
Above ₹ 15 lakh | 30% |
New tax Regime (FY 25-26)
| Income Range (₹) | Tax Rate |
|---|---|
| Upto ₹ 4 lakh | Nil |
| ₹ 4 lakh – ₹ 8 lakh | 5% |
| ₹ 8 lakh – ₹ 12 lakh | 10% |
| ₹ 12 lakh – ₹ 16 lakh | 15% |
| ₹ 20 lakh – ₹ 20 lakh | 20% |
| ₹ 20 lakh – ₹ 24 lakh | 25% |
| Above ₹ 24 lakh | 30% |
What is the last date to file a Revised Return?
The last date to file a revised return is the earlier of either 31st December of the assessment year or the completion of the assessment by the income tax authorities.
For example, if you are revising your return for FY 2023-2024 (AY 2024-2025), you would need to do so by 31st December 2024, provided the original return has not yet been assessed or processed.
Steps to File a Revised Income Tax Return
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Log in to the Income Tax E-filing Portal: Start by logging into your account on the Income Tax Department’s e-filing portal.
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Select the Assessment Year: Choose the relevant assessment year for which you wish to file the revised return.
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Choose the ITR Form: Select the ITR form that corresponds with your original filing.
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Enter the Revised Details: Correct the errors or omissions in your original return and fill in the revised details.
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Submit and Verify: Once you’ve entered all the information, submit the revised return. Don’t forget to verify it, either through Aadhaar OTP, net banking, or by sending a signed copy of the ITR-V to the CPC, Bangalore.
Consequences of Not Filing a Revised Income Tax Return
Additional Tax Liability: Correcting mistakes or omissions in a revised return may increase your tax liability, requiring you to pay additional taxes if the revised income is higher.
Interest and Penalties: If the revised return results in an increased tax liability, you may be subject to interest on the overdue tax amount.
Refund or Reduced Tax Liability: Alternatively, a revised return could decrease your tax liability, potentially resulting in a refund if additional deductions or exemptions are claimed.
Scrutiny: Filing a revised return might draw the attention of tax authorities, which could lead to a detailed review of your financial records to ensure compliance with tax laws.
Verification and Validation: Tax authorities will closely examine the revised return to confirm the accuracy of the corrections. Any discrepancies could result in further inquiries.
Frequent Revisions and Credibility: Repeated revisions or corrections might affect your credibility with tax authorities. Consistent accuracy in your filings fosters trust, while frequent changes may raise concerns.
Administrative Adjustments: Minor updates, such as changes to bank account details or personal information, typically do not result in significant consequences when filing a revised return.
Is there a Penalty for Filing Revised Income Tax Return (ITR) After July 31st?
Your income tax return will be considered revised only if the original ITR was submitted by the due date of 31st July and e-verified within 30 days of e-filing. If the return wasn’t filed on time, it will be treated as a belated return, and the taxpayer will incur late fees under Section 234F. Belated returns can also be filed by 31st December, subject to a penalty of up to Rs. 5,000.
Key Points to Remember When Filing a Revised Income Tax Return
Replacement of Original Return: When you file a revised income tax return, it completely replaces your original return. The revised return becomes your final submission and the one considered by the tax authorities.
Multiple Revisions Allowed: You can file a revised return as many times as needed to correct or update information. There is no limit to the number of revisions you can make within the allowed timeframe.
Revised Return After Assessment Completion: A revised return cannot be filed once the assessment is completed by the assessing officer under Section 143(3) of the Income Tax Act.
Revised Return After Receiving ITR Refund: Even if your return has been processed and a refund has been issued, you can still file a revised return within the specified due date.
ITR Form Change: If you realize that a different ITR form is required, you can submit a revised return using the correct form.
No Penalties for Revision: The income tax department does not impose any penalties for filing a revised return. This provision allows you to correct mistakes in your original filing without incurring additional charges.
Conclusion
Filing a revised income tax return is a straightforward process if done within the prescribed time limits. It offers taxpayers the opportunity to correct genuine mistakes without facing penalties. Ensure you are aware of the deadlines and follow the correct procedure to file your revised return efficiently. Staying compliant with tax regulations not only saves you from legal hassles but also contributes to a smoother tax-paying experience.
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Frequently Asked Questions (FAQs)
You can correct mistakes in your income tax return by filing a revised return under Section 139(5) of the Income Tax Act.
You can file a revised return for the assessment year 2024-2025 on or before December 31, 2024, or before the completion of the assessment of the original return, whichever is earlier.
If your revised return contains errors, you can file another revised return within the specified time limit to correct them.
Yes, the revised ITR must be e-verified within 30 days to complete the tax filing process.
There is no specified limit on the number of times you can revise your return. However, it is advisable to make all necessary corrections in a single revision.
A defective return can be corrected by filing a revised return or by responding to a defective notice issued by the tax department.
Yes, a revised return completely replaces the original return and becomes the final return submitted by the taxpayer.
While you cannot cancel a revised return, you can file another revised return to correct any errors, provided it is within the deadline. Alternatively, skipping the e-verification can prevent processing by the department.
Yes, a belated return can be revised. The revised return for FY 2023-2024 can be filed by December 31, 2024.
The processing time for a revised return typically mirrors that of the original return, averaging around 10-15 days after e-verification.
Yes, you can file a revised return immediately upon discovering any omission or incorrect statement in your original or belated return.
No, there is no penalty for filing a revised return under Section 139(5).
Yes, you can still file a revised return even after receiving an intimation under Section 143(1).
Yes, it is advisable to file a revised ITR to declare any unreported income or gains. Failing to do so may result in penalties, notices, or legal action.
Section 139(5) allows taxpayers to file a revised income tax return to correct errors or omissions in the originally filed return.
No, once the assessment is completed under Section 143(3), a revised return cannot be filed.
Yes, a revised return can be used to update personal details such as contact information or bank account details.
The last date to file a revised return is December 31st of the relevant assessment year or before the completion of the assessment, whichever is earlier.
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