Revised ITR Filing: Any number of times a taxpayer can file Revised Income Tax Return. It has no limit. However, misuse of this feature should be avoided.
ITR Filing: The last date for filing Income Tax Return (ITR) for the financial year 2021-22 was 31 July 2022. There are chances that many taxpayers may have made some mistakes in filing ITR. From wrong bank account number to declaring wrong interest income, taxpayers can make many mistakes in ITR filing. In such cases you have nothing to worry as the Income Tax Act allows taxpayers to rectify such errors.
Section 139(5) of the Income Tax Act, 1961 allows taxpayers to rectify their mistakes by filing a Revised Income Tax Return. If a person wishes to correct any incorrect information after filing his tax return, he can file an amended return.
What is Revised IT Return?
A revised ITR return allows taxpayers to rectify the error made while filing their original return. To file a revised return means to file the return again, but this time with the correct information. Keep in mind that while filing the amended return, you will also have to enter the information of the original return.
Who can file Revised Return?
Every assessee, who has filed his ITR, is entitled to amend it under section 139(5) to provide correct information to the tax department. Taxpayers who file late ITR i.e. Belated ITR can also file amended return.
Last date for filing Revised IT Return
In the Union Budget 2021, the time for filing Revised ITR was reduced by three months. Till FY 2019-20, an individual was allowed to file ITR till March 31 of the respective assessment year. However, the last date for filing revised ITR from the financial year 2020-21 is December 31 of the respective assessment year. Hence, the last date for filing the revised ITR for the FY 2021-22 (AY 2022-23) is 31 December 2022.
How to file Revised Return?
The process of filing Revised IT Return is same as that of filing original ITR. Only the taxpayer has to file it under section 139(5) of the Income Tax Act. They have to select the option ‘Revised u/s 139(5)’ in the column ‘Return Filing Under’.