Even after carefully filing your income tax return (ITR), mistakes can sometimes slip through. You may realise later that you forgot to report certain income, claimed excess deductions or even selected the wrong ITR form. In certain cases, taxpayers spot errors only after they have already received their tax refund.
The good news is that such mistakes can usually be corrected. The income tax law allows taxpayers to file a revised return under Section 139(5), giving them the opportunity to rectify errors and submit the correct details without facing any immediate penalty.
What is revised return and who can file it?
Like we discussed before, revised return allows a taxpayer correct mistakes or omissions made in the original ITR. The following are the usual errors which can be corrected using revised returns:
- Omitted, reduced, or exaggerated income.
- Omitted deductions or claimed excess deductions or exemptions.
- Miscalculations, or missed necessary disclosures.
- Chosen a wrong ITR form.
- Claimed less refund than eligible.
Any taxpayer who has already filed an income tax return, whether they filed within the due date or as a belated return, are eligible to file a revised return later if they wish to make some corrections.
When is the deadline for filing a revised return?
The due date for filing revised returns is March 31 of the next year. Earlier, the deadline was December 31 of the relevant assessment year or before the tax department completes assessment, whichever is earlier.
However, the latest policy updates have extended this deadline, giving taxpayers a longer window to correct mistakes. Let’s say you file your ITR for FY 2025-26 on July 15 this year but later in August, you discover an error. Instead of waiting for the income tax department to flag it, you can simply file a until March 31, 2027.
No penalty for filing revised return
One of the biggest advantages of filing a revised return is that the taxpayer is not required to pay any penalties. The tax department does not levy an additional charge simply for allowing correction or errors in an ITR.
However, the entire process doesn’t incur any charge only if you file the original return within the due date. If not, the ITR is treated as a , which comes with applicable late fees under separate provisions.
A person filing belated return until December 31 of the relevant assessment year will be charged a penalty of ₹5,000 or ₹1,000, depending on their income.
How many times can you revise your return?
According to Cleartax, there is no specified limit on the number of times you can revise your income tax returns. However, it is advisable to file a revised return only once, covering all necessary revisions.
Can you revise your ITR after receiving a refund?
Yes, a revised return can be filed by a taxpayer even if their original return has been processed and a refund has already been issued, Cleartax said in a report.
The person must file a revised return within the prescribed timeline or else they will lose out on the opportunity. This provision can be particularly useful when a mistake is discovered after the tax return has been processed or even after a refund has been received.
However, if the revision results in a higher tax liability, the taxpayer may have to pay the additional tax due, or the excess refund received may be adjusted accordingly.
How to apply for ITR revision?
Step 1: Log in to the income tax portal using your credentials which include PAN, password and CAPTCHA verification.
Step 2: Once logged in, click on “E-file” option, then click on “Income Tax Return” where you will be able to find the option to file a revised return. Then select the assessment year for which you are filing the revised return.
Step 3: Choose the correct ITR form depending on your income profile. Then enter the acknowledgment number of the original ITR.
Step 5: Make the necessary corrections.
Step 6: After making the corrections, verify the revised return and submit it.
A taxpayer must also note that when they file a revised income tax return, it completely replaces the original one. Once the revised return is submitted, it is considered your final income tax return.