What is a Revised Income Tax Return: When and How to File One?

A revised income tax return may be defined as a new income tax return (ITR) form that is submitted to replace a tax return that has already been submitted earlier. The provisions for a revised income tax return (ITR) are specified in Section 139(5) of the Income Tax Act. It enables taxpayers to fix any errors, omissions or inaccuracies found in any earlier or previously filed ITR. Once a revised return has been filed, the ITR filed earlier is no longer valid and will not be considered by the income tax authorities. As a result, only the data provided in the revised ITR will be considered by tax authorities for assessment during the applicable financial year.

There are various reasons why a taxpayer would be interested in filing a revised tax return. Some situations necessitate filing an updated income tax return include:

The deadline for filing a revised income tax return must be known by taxpayers who need to make modifications to the previously filed returns. The Indian Income Tax Act, Section 139(5), goes into great detail on the appropriate time frame for filing a revised ITR.

As per current rules, taxpayers may file a revised income tax return any time before the end of the applicable assessment year or before the assessment of the original return is completed, whichever is earlier. Earlier you could only submit an amended return if your first ITR was submitted by the due date of return filing for the applicable fiscal. However, now you can submit a revised return in the case of belated ITR filing too.

However, a revised return filed in response to an income tax notice has to be submitted within 15 days of receiving the notice unless an extension has been granted by the tax authorities.

Taxpayers can correct mistakes or change their initial tax filing by revising their income tax forms. A step by step guide of how to file a revised tax return is provided below:

• Step 1. Visit the e-filing website and log into the e-filing portal using your credentials.
• Step 2. Click "e-File" after logging in, followed by "Income Tax Return." The assessment year for which you desire to file an updated return must now be chosen. Verify that the assessment year corresponds to the window of time described in Section 139(5) of the Income Tax Act.
• Step 3. Select the correct ITR form - Choose the appropriate Income Tax Return (ITR) form based on your sources of income and financial circumstances. To preserve consistency, use the same form that you used for your ITR form filling.
• Step 4. Under the "Filing Type" section, choose "Revised Return" to clarify that you are filing an updated return rather than a new return.
• Step 5. You must enter the acknowledgement number of the original ITR. This distinctive 15-digit number is generated when you have e-verified your ITR. Enter this number precisely to relate the updated return to your first submission.
• Step 6. Next make all the edits to your tax return. Check all sections referring to income data, deductions and exemptions including Section 87A, if applicable, along with other pertinent information that requires updating and double check your entries.
• Step 7. When you are certain that everything is in order submit the revised return online. The procedure for filing is the same as it was for the first return. The revised return must also be verified in order to be considered valid by tax authorities. You will receive an email acknowledgement after your revised return is verified.

Here are some things to keep in mind if you're filing an updated income tax return:

• The earlier tax return that was filed would be totally replaced with the amended one. Therefore, upon the filing of the updated return, it will be considered the taxpayer's final income tax return
• If the ITR form has to be modified, then also a revised return can be submitted
• There is no restriction on how many times an updated tax return can be submitted
• If the assessing officer completes the assessment of your income tax return in line with Section 143-(3) of the Income Tax Act of 1961, then no amended return may be filed.

The Income Tax Department does not charge fees or penalties if you file a revised return. So don't panic if you make mistakes in your initial tax return, just follow the procedure to submit a revised return.