Though the deadline for filing ITR for those whose accounts do not need to be audited was July 31, 2024 for FY24, one can still file a revised return to rectify mistakes and pay up additional tax if necessary. Experts say that the provision for revised ITR allows one to rectify errors. And this revised return can be filed by December 31, 2024. But it has to be done before the Income Tax Department (ITD) completes the assessment of the ITR.
Income Tax: Significance of Section 143(3)
Experts have pointed out that the moot point is before the completion of the assessment. According to Section 143(3) of the Income Tax Act, 1961, scrutiny assessment reviews your Income Tax Return, the objective of which is to find out the truthfulness and integrity of your ITR and the correctness of the tax that one has paid.
Difference with Section 143(1)
Experts point out that only those ITRs that are scrutinised are not processed under Section 143(1). If the ITD intimates the taxpayer that processing has been done under Section 143(3), it means the ITR has been processed. Even the refund might have arrived in the account or is in the pipeline. Income tax experts say that even then one could file a revised ITR. However, if the ITR is processed under Section 143(3), a revised one cannot be filed.
The significance of Section 143(3) of the Income Tax Act, 1961 is that the veracity of the ITR has been assessed. Once that step is completed, obviously one cannot file a revised ITR, since it renders the assessment meaningless.
Revised ITR and new tax regime
This is something that a taxpayer has to remember. If he/she had filed the original ITR under the new tax regime, the revised one too has to be under the new regime. However, if one had filed the original ITR in the old tax regime, he/she can migrate to the new regime to file the revised ITR.
Filing a revised ITR is possible as long as the Income Tax Department doesn’t complete assessment under a particular section of the Income Tax Act. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
