Filing your Income Tax Return (ITR) correctly is essential, but mistakes can happen — wrong income details, tax deductions, or bank account information. Fortunately, the Income Tax Department allows taxpayers to file a revised return to correct errors.
1. Who Can File a Revised ITR?
Individuals or entities who have already submitted their original return.
Errors may include:
Incorrect income details
Mistaken deductions claimed
Wrong bank account or PAN details
Omission of taxable income or TDS
2. How to File a Revised Return
Log in to the Income Tax e-filing portal.
Select ‘Revised Return’ under the ITR filing section.
Fill in corrected details and submit before the deadline.
Ensure the Acknowledgement Number (ITR-V) of the original return is referenced.
3. Deadline for Filing Revised Return
Revised ITR can be filed before the end of the relevant assessment year or before the completion of assessment, whichever is earlier.
For FY 2024-25 (AY 2025-26), revised returns can be filed by the end of the assessment year or before scrutiny begins.
4. Key Points to Remember
Only one revised return can be filed per original ITR.
Ensure that all errors are corrected in the revised return.
Refunds, if any, will be recalculated based on the revised details.
Keep acknowledgement and supporting documents for record.
FAQs
Q1. Can I correct mistakes after filing my ITR?
A1. Yes, you can file a revised return to correct mistakes before the assessment year ends or before scrutiny begins.
Q2. What kind of mistakes can be corrected?
A2. Mistakes like incorrect income, wrong deductions, bank account errors, PAN mistakes, or omitted income can be corrected.
Q3. How do I file a revised ITR?
A3. Log in to the Income Tax e-filing portal, select ‘Revised Return’, enter correct details, and submit before the deadline.
Q4. Is there a limit to filing revised returns?
A4. Yes, only one revised return per original ITR can be filed.
Q5. Will filing a revised return affect my refund?
A5. Refunds will be recalculated based on the corrected details in the revised return.
Published on : 23rd October
Published by : SMITA
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