• Notification Date: 26-12-2022
• Notification No: N/A

Step-wise Guidance on Filing Revised IT Return

Individuals can file revised IT returns to claim a tax deduction on investments made, update their older returns, and correct personal information. Sometimes, taxpayers may identify a mistake right after filing the IT returns. But this mistake can be rectified by filing a revised return. The Income tax portal has introduced an opportunity for taxpayers to file revised IT returns by December 31 (deadline) for the 2022-23 year. As per Section 139(5) of the Income-tax Act, 1961, taxpayers are allowed to file revised returns within the deadline. 

Individuals can file revised IT returns to claim a tax deduction on investments made, update their older returns, and correct personal information. There would be no penalty charged for making minor changes like the name change, filing the wrong return form, and mentioning the wrong bank details. But if it is for an upward revision of income, the person might receive a notice from the IT department to pay the tax dues.  

Once a revised return is filed, the original return is no more considered. Also, there is no limit on the number of times one can file the returns. However, frequent changes may lead to an inquiry from the IT department. It can be filed 3 months before the completion of the assessment year. 

Procedure to File Revised IT Return -  

1. Go to the official website of https://incometaxindia.gov.in/ 

2. Log in using your PAN card and Captcha code 

3. Click on the ‘e-filing’ menu and now again click on ‘Income Tax Return’ 

4. On the ‘Income Tax Return’ page, select Assessment year > ITR form number > Original/ Revised Return, under ‘Filing Type’ 

5. Click on ‘Prepare and Submit Online’ 

6. Now, from the ‘General Information’ tab, choose ‘Return Filing Section’ as ‘Revised return under section 139(5)’ and ‘Return filing type’ as ‘Revised’ 

7. Enter the acknowledgment number and date of filing the return (original) 

8. Fill in the correct details and submit the ITR.