ITR filing: What is revised ITR? Here’s how you can file it, check last date

Every assessee who has filed his/her ITR is entitled to revise it under section 139(5) to provide correct information to the tax department. Even those who file belated ITR, i.e., ITR is filed after expiry of the deadline, can file a revised return. The last date to file a revised ITR for FY 2021-22 is December 31, 2022.
ITR

ITR filing: What is revised ITR? Here’s how you can file it, check last date

The last date to file income tax return (ITR) for FY 2021-22 was July 31, 2022 and since the Centre did not extend the due date this time, it is likely that many taxpayers would have made some unwanted errors. The mistakes in ITR filing can range from mentioning the wrong bank account number, forgetting to declare interest income to claiming wrong deduction, among others.
But it must not be the cause of worry as the income tax laws allow an individual to rectify such errors. Section 139(5) of the Income-tax Act, 1961 allows taxpayers to rectify their mistakes by filing a revised income tax return. According to the section, if an individual after filing their tax return discovers any omission or wrong statement, then he/she can furnish a revised return.
This revised return can be filed three months prior to the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. Thus, the last date to file a revised return for FY 2021-22 (AY 2022-23) is December 31, 2022.
What is a revised return?
As the name clearly suggests, a revised ITR return lets taxpayers correct an error made at the time of filing their original return. Filing a revised return simply means filing a return again but this time with the correct information. It must be remembered that you will need to enter details of the original return when filing a revised return.
Who can file a revised return?
Every assessee who has filed his/her ITR is entitled to revise it under section 139(5) to provide correct information to the tax department. Even those who file belated ITR, i.e., ITR is filed after expiry of the deadline, can file a revised return.
Last date to file a revised ITR
The Centre had made an announcement in the Union Budget 2021 that it has reduced the time to file revised ITR by three months. Till FY 2019-20, an individual was allowed to file ITR till March 31 of the relevant assessment year. However, from FY 2020-21, the last date for filing a revised ITR has been December 31 of the relevant assessment year. So, the last date to file a revised ITR for FY 2021-22 (AY 2022-23) is December 31, 2022.
How to file revised ITR
It is just the same as filing an original ITR only the taxpayer will have to file it under section 139(5) of the Income-tax Act. They will have to opt for the option ' Revised u/s 139(5)' in the 'return filed under' column. The ITR form will additionally ask you for details of the original ITR, i.e., receipt number and date of filing of original ITR.
How many times can a revised return be filed?
There is no limit to the number of times an individual can file a revised return. However, one must avoid misuse of this facility and ensure to take utmost care while filing the original tax return.
Ensure these points:
- Once you have filed your revised ITR, ensure that you have verified the same.
- The income tax department will not accept your revised tax return unless it is verified.
- To verify, you may use any of the 6 methods available i.e., e-verification by using electronic methods such as Aadhaar, OTP, EVC through net-banking or via physical verification by sending signed copy of ITR-V (Acknowledgement Receipt) to CPC, Bangalore.
- The IT department from August 1, 2022, has cut down the time limit to verify ITR from 120 days earlier to 30 days.
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