Revised Income Tax Return:

An individual tax payer need to revise his returns in case if he/she made any mistakes in the original return.

It is another chance given by the Income tax Department to a tax payer to revise the returns without any errors.

Sec 139(5) allows you to revise your returns.

Another reason for filing a revised return is, if a tax payer missed to report any of his income at the time of filing.

You can file a revised ITR multiple times as there is no limit to filing the return.

If the ITR assessment is completed by the assessing officer, then a revised income tax return cannot be filed.

If you have filed the returns after due date, Ex: after July 31st then, there is no chance to revise your returns.

According to IT law, RS.5000/- will be charged by the department for late filing.

However, if the total income of a taxpayer is not exceeding 5Lakhs, then there will be a penality of 1000/-.

Steps for filing a revised return:

  • Login to the e-filing website of the income tax department.
  •  Login with the User ID and password on the home page.
  • After opening your account click on ‘E-File’ and choose ‘Income Tax Return.
  • After opening of the income tax return page, select AY 2022-23 and ‘Online’ as ‘Select Mode Filing.
  • Choose your options you want to correct.
  • Select one of the status -individual, HUF (ITR form).
  • Select correct ITR form and proceed with the information sought.
  • After filling the ITR form, you would have to e-verify your revised income tax return.

Reasons for filing a revised return:

Incorrect bank details.

Incorrect personal information.

If there is any mismatch of income between original income and form 26AS.

Omission of additional incomes.

Selecting a wrong ITR form.