What is a revised ITR and when you need it
A revised Income Tax Return (ITR) is an opportunity to rectify mistakes or omissions in the initial filing of the return. Facility is helpful if you had omitted income, missed deducible deductions, provided wrong bank details, or made mistakes in filing capital gains. Facility of revised return is governed by the Income Tax Act, Section 139(5). For 2025, the procedure is entirely online from the website of income tax e-filing, and it is simpler to rectify mistakes early and accurately.
Understand the deadlines to prevent late charges
For AY 2024-25 (FY 2023-24), revised ITR must be furnished within or by 31 December 2025 or prior to finalisation of assessment, whichever is earlier. If you lose the date, you cannot make your return revision. Providing the revised return within stipulated time doesn't necessarily attract penalty, but delay in filing original return beyond due date can still attract penalty under Section 234F, along with interest on tax payable.
Make sure amended return is accurate
If you are submitting a revised ITR, you need to give accurate and complete information as per your revised accounts. The revised return is a replacement for the previous one in all ways, and you need to revise all the sections—like income from salary, house property, business income, capital gains, etc.—correctly. Also, check claims of deductions and exemptions under the respective sections. Check correct filling of bank account numbers, PAN, and Aadhaar numbers to prevent processing delays.
Avoid repetitive fixing and mismatches
Even though law permits you to make several revisions to your ITR within the time limit, excessive revisions may raise an eyebrow at the time of audit. Income Tax Department cross-verifies information with third parties such as Form 26AS, Annual Information Statement (AIS), and Taxpayer Information Summary (TIS). Variations from your revised return with the above points can raise an eyebrow. Reconcile your books with these reports prior to filing the revised return.
Have documentation and proof handy
Maintain records of all changes you carry out in the revised return, including salary vouchers, Form 16, capital gain statements, rent receipts, or deduction documents. In the event your revised ITR decreases tax paid or increases the refund, the department can ask for explanations or documents. Maintenance of such documents allows for the quick disposal and avoids disputes with reduced chances of penalty proceedings.
FAQs
Q1: Is there a charge to file an updated ITR?
No, you will not be charged to alter your return during the deadline period, but you will be charged a penalty and interest if your original return was late.
Q2: Can the ITR be edited after the due date?
No, the corrections are permitted only up to 31 December 2025 in case of AY 2024–25 or prior to finalization of assessment, whichever is earlier.
Q3: Will I have to pay extra tax while submitting an amended ITR?
If your new return causes you to owe more tax, you owe the additional tax and interest on the previous amounts when you file the new return.
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