New Delhi: Several taxpayers commit mistakes while filing Income Tax Return (ITR). To rectify the mistakes, the Income Tax department allows taxpayers to file a revised ITR replacing the originally filed return if correction is needed for missing reporting any income or changes in tax calculation. December 31, 2024, is the deadline to file the belated and revised ITRs for FY 2023-24 (AY 2024-25).
Scores of taxpayers tend to make mistakes like mentioning incorrect bank account numbers, claiming an improper deduction, or not reporting actual interest income. The I-T department allows individuals to correct the wrong inputs and offers an option to file a revised ITR for such cases. The rules state that the original ITR will be replaced by the revised return.
What is a revised ITR?
The Income Tax department allows taxpayers to file revised ITR under Section 139(5) of the Income-tax Act, 1961. A taxpayer can file a revised tax return under Section 139(5) if the individual finds an error or omission on their tax return. There is no penalty for filing revised ITR.
How to file a revised ITR
Step 1: Visit the Income Tax Department’s e-filing website and log in to your account.
Step 2: Go to Part A of General Information, select Revised Return under Section 139(5)
Step 3: Submit your corrected version of ITR details
Step 4: Select the appropriate ITR form
Step 5: Make the necessary corrections or updates in the revised return form
Step 6: Submit the revised return after verifying the details.
ITR deadline
The last date to file Income Tax Return for the financial year (FY) 2023-24 is July 31, 2024. The income tax department has repeatedly alerted taxpayers to file their tax before the deadline 31st July 31.
If a taxpayer with a net taxable income exceeding Rs 5 lakhs fails to file ITR by 31, 2024, the individual will have to file a belated return and a penalty of up to Rs 5,000 may be imposed.
Taxpayers who has a net taxable income of Rs 5 lakhs or less, I-T department would levy a maximum penalty for filing a belated ITR Rs 1,000.
The Income Tax department allows taxpayers to file a revised Income Tax return (ITR) if they have committed some mistakes like incorrect bank account number, claiming an improper deduction, etc. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
