Rushed filings: Frequent mistakes
Rushed filings by taxpayers ensure that there are mistakes of some description. The most frequent ones are entering the incorrect bank details, incorrect declaration of income, failure to claim deductions, or failure to declare interest on savings and fixed deposits. Mistakes will not just ensure delay in refunds but can also lead to notices from the tax department.
The option of the revised return
Income Tax Department offers a facility to rectify mistakes by way of filing a revised return. You may submit a revised return, according to Section 139(5) of the Income Tax Act, when you discover any discrepancy or fault in the initial return. The revised return completely replaced the previous one, therefore verify each piece of information carefully before submitting it. Deadlines for revision
For AY 2025–26, the revised return filing due date is December 31, 2025, or as extended by the government. This gives sufficient time to the taxpayers to review their original filing in detail and make corrections, if any. It is advisable to file earlier, especially when you have a refund due to you because processing is longer closer to the due date.
Procedure for filing a revised return
It is easy as pie to file a revised return:
1. Sign in to the Income Tax e-filing portal.
2. Select the option to file Income Tax Return (ITR).
3. Pick the same ITR form earlier, but check it as a "Revised Return" under Section 139(5).
4. Furnish the original ITR's acknowledgement number and date.
5. Make the changes and file the revised return.
Things to remember
During the revision, re-check income information, deductions, and exemptions. Ensure proper consistency between your Form 26AS, Annual Information Statement (AIS), and the ITR. There may be multiple revisions within the deadline, but preferably, get it right this time to prevent confusion and delays.
Why revising your return is important
An incorrect return may affect refunds, trigger additional tax, or set off compliance issues. It not only corrects errors to update in a timely manner but also shows responsible tax behavior. It is better to spend a little more time now than get notices or penalties later.
FAQs
Q1. How frequently can I update my ITR?
You can correct your ITR a number of times within the allowed deadline, but it is advisable to have it right in the next filing to avoid the repetitive corrections.
Q2. Will filing an updated return delay my refund?
Yes, as a rule, the refund will be released only after receiving the updated return and verifying it. Filing earlier speeds up the process.
Q3. What if I fail to file the updated return?
If you miss the deadline, you cannot correct errors through a corrected return. In such cases, you may have to approach the tax department with a request for correction or other compliance measures.
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