Revised ITR Filing: It’s important to revise your Income Tax Return (ITR) as soon as you discover any errors to avoid any penalties or delays in processing your return. The Income Tax department allows for multiple revisions of ITR for the financial year. This ensures you can rectify any mistakes or omissions made while filing the original return.
Why Is Filing ITR important?
Filing your ITR accurately is crucial for several reasons. It helps determine your tax liability and claim tax refunds and is often mandatory for loan approvals and other financial purposes.
How Many Times ITR Can Be Revised?
There is no limit on the number of times you can revise your ITR in India, as long as you do it within the specified deadline. This means you can file revisions to correct any mistakes or omissions in your original return.
If a person finds any mistake, omission, or incorrect statement after submitting a return, they should revise it within the prescribed time limit.
A return can be revised up to three months before the end of the Assessment Year or before the completion of the assessment, whichever comes first.
If the original return was filed in paper format or manually, it technically cannot be revised online or electronically.
A revised return can be filed online under section 139(5).
Read More: How To Prepare Yourself For Upcoming Tax Season India?
Section 139(5) Of Income Tax Act, 1961
Section 139(5) of the Income Tax Act, 1961 empowers you to file a revised ITR if you discover any errors or omissions in the original return you submitted. It’s essentially a safety net that allows you to rectify mistakes and ensure your tax filing is accurate.
Important Dates to Remember:
Assessment Year: This refers to the financial year for which the ITR is being filed. For instance, the assessment year for the financial year 2023-24 is 2024-25.
Revision Deadline: The deadline to revise your ITR typically falls on December 31st of the assessment year.
ITR Filing Last Date
The deadline to file your ITR for the financial year 2023-24 (assessment year 2024-25) without any late fees is July 31, 2024. This is the standard due date for most individual taxpayers.
Read More: Aadhaar-PAN link: Income Tax Department issues step-by-step guide to avoid higher TDS. Check here
However, it’s important to note that there’s a separate deadline for taxpayers whose accounts are subject to audit: October 31, 2024.
