To File Revised Return can be challenging for many taxpayers. Even if they are careful, mistakes may happen, like forgetting to report an income or missing the filing deadline. Sometimes, in a rush to meet the deadline, people may submit returns with incorrect details. If you have made mistakes in your tax filing, File Revised Income Tax Return for Ay 2023-24. Option to File Revised Return, available under section 139(5) of the Income Tax Act, So File Revised Income Tax Return for Ay 2023-24 to correct errors or add any missing information in your returns.

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What does it mean to file Revised Income Tax Return?

Section 139(5) of the Income Tax Act of 1961 provides an opportunity for taxpayers to correct mistakes in their previously filed income tax returns for Ay 22-23. Since the financial year 2016-17, even belated ITR return can be revised.

You will have to file Revised Return for Ay 2023-24 under Section 139(5) if you need to make adjustments or corrections to a your Return filed for Ay 2023-24. Here are the scenarios that warrant Revise ITR Filing:

If you realize there are errors or omissions in your original ITR, such as inaccuracies in reporting income, deductions, or other information, you can file Revised Return to rectify these mistakes. This ensures that you provide precise and updated information to the tax authorities.
If you unintentionally left out certain sources of income or neglected to include specific deductions or exemptions in your original ITR, Revised Return in Income Tax allows you to include these overlooked details. This ensures that your tax assessment is based on complete and accurate information.
If there are changes in tax laws, rules, or rates that impact your tax liability after you’ve filed your original ITR, you can file Revised Return to incorporate these changes into your tax calculation. This enables you to modify your tax responsibility as needed.

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

Any taxpayer who has filed their income tax returns for Ay 2023-24 can make changes and file Revised ITR for Ay 2023-24. This applies even if the original return was filed after the deadline, known as a belated income tax return. In such cases, taxpayers are still allowed to file Revised Return in Income Tax.

Revise Income Tax Return Due Date for Ay 2023-24

Revised Return for Ay 2023-24 can be filed within Revise Income Tax Return Due Date which is 31^st December 2023.

For instance, Shubham filed his income tax return on July 19, 2023, for the financial year 2022-23, but later realized that some incomes and deductions were omitted in the return, he has the option to revise his ITR under section 139(5) on or before Income Tax Return Revised Time Limit for Ay 2023-24 i.e. December 31, 2023, by making all the necessary corrections in the Revised Return.

What factors should be taken into account at the time of Revise ITR Filing

The ITR Revised Return, once filed, will replace the original return.
When filing ITR Revised Return, ensure to choose the filing section 139(5) and input the details from the original return.
Before submitting the ITR revised return, make sure that the original return has been e-verified in a timely manner.
Even if the return is filed after the due date (a belated return), you can still file revised return for it.
It is compulsory to e-verify the Revised Return in Income Tax within 30 days of filing it.

When You Should File Revised Return?

Making corrections Independently:

To fix errors or mistakes present in the original Income Tax Return.
To disclose income or information that was not reported in the original Income Tax Return.

Responding to a Notice:

If the taxpayer agrees with a discrepancy in the notice for the proposed adjustment under Sec 143(1)(a).
When the assesse pays outstanding demand as per Sec 143(1) and then revises the ITR.
When a Defective return notice is issued under Sec 139(9).

Note: A revised return filing can be done any number of times for a specific financial year (Lets Consider Ay 2023-24), provided it is submitted within the specified Revise Income Tax Return Due Date i.e. 31^st December 2023.

Process to File Revised Income Tax Return for Ay 2023-24 under Section 139(5):

Taxpayers can revise their return by following these steps:

Log in to the e-filing portal and go to e-file > Income Tax Return > File Income Tax Return.
Choose the Assessment year, Mode of filing, Filing type (revised return), audit option, and ITR type as needed.
Correct errors or mistakes and disclose income or information that was not reported in the original Income Tax Return.
E-verification is mandatory within 30 days of submitting the return to complete the process.
After e-verification is done, a success message will be displayed along with the transaction ID.

How BestTaxInfo can help you?

Our company specializes in simplifying and expediting the process of revising the ITR filing. We offer a wide range of services, including tax planning and tax filing. Contact Us for efficient and hassle-free assistance with your queries, so you can focus on building your career.

Frequently Asked Questions (FAQ)

How can I rectify a filed income tax return for Ay 2023-24?

You can rectify your income tax return by filing Revised ITR for Ay 2023-24.

What if there are errors in the revised return?

If the revised return contains errors, you have the option to file another revised return within the specified time limit to correct them.

How many times can I revise my income tax returns?

There is no specified limit on the number of times you can revise your income tax returns. While the income tax department does not impose a restriction, it is recommended to file a revised return (if necessary) only once, covering all needed revisions.

How can I rectify a defective income tax return?

A defective return can be rectified by submitting a revised return or responding to the defective notice issued.

Can a revised return be filed after assessment?

According to Section 139(5), a revised return can be filed either three months before the completion of the relevant assessment year or before the completion of the assessment, whichever comes first.

Is there any penalty for submitting a revised tax return?

No, there is no penalty for filing a revised tax return.

How can I cancel my revised return?

Canceling a filed document is not possible. However, if the revised return contains errors, it can be revised again within the specified time limit under section 139(5). Alternatively, you can skip the e-verification of the wrongly filed revised return, and it will not be processed by the department.

Can I file a Revised Return for a Belated Return filed after the due date?

Yes, a revised return can be filed for a belated return. The belated return can be filed by December 31, 2023, for the financial year 2022-23.

Can you revise a revised ITR for Ay 2023-24?

Yes, a revised income tax return (ITR) can be revised again, but within Income Tax Return Revised Time Limit for Ay 2023-24.

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