While the standard deadline for filing income tax returns (ITRs) for the financial year 2023-24 passed on September 16, a crucial window for correction remains open for taxpayers. The Income Tax Department allows individuals to rectify mistakes or omissions in their originally filed returns by submitting a revised ITR. This provision is a relief for many, as errors in tax filings are common, but it comes with a strict time limit.
Understanding the Rules for Revised ITR Filing
A significant advantage for taxpayers is that the Income Tax Department has not set a maximum limit on the number of times a revised return can be filed. If you discover an error after submission, you can correct it. However, this must be done within a specified timeframe. The department states that if a person finds any mistake, omission, or wrong statement after furnishing the original return, a revised return should be filed within the prescribed time limit.
The critical rule is that revisions are permitted up to three months before the end of the relevant Assessment Year or before the assessment is completed, whichever event occurs earlier. For the current Assessment Year 2025-26, this translates to a hard deadline.
Key Deadline for Revised ITR for AY 2025-26
The last date to file a revised income tax return is the final day of the relevant assessment year. Therefore, for Assessment Year 2025-26, the absolute deadline to submit a revised ITR is January 31, 2025. It is essential to note that if the original return was filed manually or in paper format, it cannot be revised online; the revised return must also be filed in the same paper mode.
Step-by-Step Guide to File Revised ITR Online
For those who filed their original return electronically, here is a simplified guide to file a revised return online on the official e-filing portal:
- Visit the Income Tax e-Filing portal at https://www.incometax.gov.in.
- Log in to your account using your PAN, password, and the displayed captcha code.
- Navigate to the 'e-File' menu and click on the 'Income Tax Return' link.
- Select the relevant Assessment Year (AY 2025-26) and the appropriate ITR form number.
- Under 'Filing Type', choose 'Original/Revised Return'.
- Select 'Prepare and Submit Online' as your 'Submission Mode'.
- In the online ITR form, go to the 'General Information' tab. Here, select 'Revised return under section 139(5)' for the 'Return Filing Section' and choose 'Revised' for 'Return filing type'.
- You will need to enter the 'Acknowledgement Number' and the 'Date of Filing' of your original return to proceed.
Filing a revised return is a straightforward process designed to ensure accuracy in tax declarations. Taxpayers should use this opportunity to correct any discrepancies in income, deductions, or tax calculations before the final deadline of January 31, 2025, to avoid potential notices or complications from the tax department.
Disclaimer: This information is for educational purposes only and should not be construed as legal or tax advice. Individuals are encouraged to consult with a qualified tax advisor for guidance tailored to their specific financial circumstances.
