Revised Income Tax Return: A revised ITR is filed to correct any errors or omissions in the initial income tax return (ITR). The revised ITR may include incomplete tax returns, incorrect income data or overlooked deductions
Revised Income Tax Return: A revised ITR is filed to correct any errors or omissions in the initial income tax return (ITR). The revised ITR may include incomplete tax returns, incorrect income data or overlooked deductions. An important provision of the Income Tax Act 1961 is Section 139(5), which allows you to file a revised ITR if errors or omissions are found in your initial return. Do you know how many times you can file a revised ITR?
Last date to file return is 31st July 2024
Filing a revised ITR acts as a safety net. It enables you to make corrections in the ITR and guarantee that you submit an accurate tax return. However, know that the last date to file your ITR without waiting charges for the financial year 2023-24 (assessment year 2024-25) is 31 July 2024.
How many times can you file revised ITR?
You can revise your ITR as many times as you want in India till July 31, 2024, i.e., as long as the ITR filing deadline is met. With this flexibility, you can make any corrections in your initial return that were missed or incomplete. You can do this.
Multiple revisions are allowed – The Indian Income Tax Department accepts that mistakes happen. They allow filers to file multiple revised ITRs for a given financial year.
Keep track of the deadline: You must keep track of the timeline. To file a revised return under section 139(5) of the Income Tax Act, you have time till December 31 of the relevant assessment year or, if earlier, till the end of the department’s assessment process.
0The first benefit of filing revised ITR is tax refund. This does not block your refund. Apart from this, there is no penalty for filing revised ITR. Unlike late returns, which may be subject to penalty.
