How to correct errors in income tax return using revised ITR, last date, new rules

The income tax department allows taxpayers an option of filing a revised Income Tax return (ITR), replacing the originally filed return, if mistakes are made while filing tax returns, including putting in the wrong bank account number, claiming an improper deduction, or wrongly declaring interest income.

What is a revised ITR?

Revised income tax returns can be filed by taxpayers under Section 139(5) of the Income-tax Act, 1961, if they make a mistake while filing their returns, including both errors and omissions. It is free to do so and does not involve any charges.

Previously, only taxpayers who filed their ITR before the return filing deadline could file a revised return, but now, everyone including those who file belated returns can do so.

However, you can still ‘discard’ a filed ITR and refile it instead of filing a revised ITR, but only if the filed ITR has not been verified yet.

What is the last date for filing revised tax returns?

The last date to file a revised ITR for the financial year 2023-24 (assessment year 2024-25) is December 31, 2024, or before the completion of the assessment, whichever is earlier, according to section 139(5) of the Income Tax Act.

How many times is it possible to file a revised ITR?

There are no limits in terms of how many revised returns you can submit. Revised returns ca be revised again, but subject to certain conditions.

Steps for filing a revised ITR

Step 1: Visit the Income Tax e-filing website, and log in to your account.

Step 2: In Part A over at General Information, select Revised Return under Section 139(5) as mentioned in the drop-down.

Step 3: Give your original and correct income tax return details.

Step 4: Select the ITR form applicable for you.

Step 5: Make the corrections or updates in the revised return form.

Step 6: Submit the revised return.

Step 7: Submit the revised return, but only after verifying the details carefully.