Mistakes while filing an Income Tax Return (ITR) are quite common. It could be missed income, a wrong deduction or even a calculation error. The good news is that these errors can still be corrected. Today, under Section 139(5) of the Income Tax Act, 1961.
Taxpayers who spot any mistake or omission in their original return should act quickly, as a revised return allows them to correct errors without facing penalties, if filed within the deadline.
A revised ITR is filed to correct mistakes made in the original return. Once submitted, the revised return completely replaces the original one and becomes the valid return for that assessment year.
such as missing, understated or overstated income, deductions or exemptions that were not claimed or were claimed incorrectly, calculation errors or missed disclosures, filing the wrong ITR form, or claiming a lower refund than what one is eligible for.
If any of these apply to you, filing a revised ITR today can help avoid future issues.
The process of filing a revised return is simple and completely online.
CA (Dr) Suresh Surana said, “To revise a return, the taxpayer must log in to the Income Tax e-Filing portal and select the option to file a revised return for the relevant assessment year.”
Here are the key steps:
Log in to the Income Tax e-filing portal using your PAN and password.
Select the relevant assessment year and choose the option to file a revised return.
Enter details of the original return, including the acknowledgement number and date of filing.
Make the necessary corrections or additions to income, deductions or other details.
Submit the revised return and complete the e-verification process.
Filing a revised return However, if the correction leads to a higher tax liability, the taxpayer must pay the additional tax along with applicable interest.
Dr Surana added, “Filing a revised return does not attract any penalty, provided it is submitted within the permitted timeline. However, if the revision results in an increased tax liability, the taxpayer must pay the corresponding tax and interest.”
With today being the final deadline, taxpayers should not postpone action. Filing a revised ITR on time can help avoid notices, delays in refunds and unnecessary stress later.
If you have spotted any error in your tax return, today is your last opportunity to correct it.