• Notification Date: 25-07-2023
  • Notification No: N/A

How to File a Revised Income Tax Return (ITR) for AY 2023-24 Post Refund?

Around 4 crore taxpayers have filed their Income Tax Returns (ITRs) till July 23. Of these, more than 3.6 crore returns have been verified by taxpayers while the Income Tax Department has processed over 2.1 crore ITRs, as per data on the e-filing website. 

Many taxpayers have also received their refunds from the tax department. However, as the tax filing season is on, with 7 days still to go before the July 31 deadline, many taxpayers may want to revise their returns filed early. But the question is, is it possible, especially if they have already received refunds? 

According to tax experts, it is possible to file a revised return after receiving an income tax refund if the due date has not lapsed. As per Section 139(5) of the Income Tax Act, 1961, any person discovering any omission or any wrong statement is eligible to furnish a revised return three months prior to the end of the relevant assessment year or before the completion of the assessment, whichever is earlier i.e. for the Financial Year 2022-23, the revised return can be filed on or before 31st December 2023. 

“Even if a refund is received on the ITR filed, but if the due date for filing of the return has not lapsed, you can still revise your ITR. In case, there is a tax payable pursuant to the revision, then you would be liable to pay the interest on such tax payable including any refund, which must have been credited to your account. Thus, the taxpayer may be eligible to file a revised return u/s 139(5) of the IT Act even if a refund has already been processed,” says Dr Suresh Surana, Founder, RSM India, a tax consultancy firm. 

Saakar S Yadav, Director and Founder of myITreturn.com also says a revised ITR can be filed even after receiving the refund. “Yes, you can revise your Income Tax Return (ITR) even after receiving a refund. The Income Tax Act allows taxpayers to rectify mistakes or make changes to their original ITR by filing a revised return.” 

In case you have already received a refund, you should pay the refund amount plus additional tax liability (if applicable) with interest at the time of filing the revised return, according to Yadav. 

Implications of revised ITR: 

1. If the revision results in a higher tax liability, you will be required to pay the additional tax along with any applicable interest. 

2. If the revision leads to a lower tax liability, you will be entitled to a further refund.