Ways to Revise Income Tax Return after Filing

an income tax return can be revised under Section 139(5) of the Income Tax Act, 1961.

Key Details:

1. Eligibility for Revision:

   • A return filed under Section 139(1) (original return filed within the due date) or belated return under Section 139(4) can be revised.
   • Revision is allowed if the taxpayer discovers any omission, mistake, or wrong statement in the original return.

2. Time Limit for Revision:

   • The revised return must be filed before the completion of the assessment or three months prior to the end of the relevant assessment year, whichever is earlier.
     • For example, for the Financial Year 2023-24 (Assessment Year 2024-25), the revised return can be filed up to 31st December 2024, assuming no assessment is completed before this date.

3. Process:

   • The revised return is filed using the same ITR form as the original return.
   • The taxpayer must mention the acknowledgment number of the original return while filing the revised return.

4. Consequences:

   • Filing a revised return replaces the original return for all purposes under the Income Tax Act.
   • If the revised return is found to contain inaccurate information, penalties under Section 270A for underreporting or misreporting of income may apply.

By allowing revisions, the law provides taxpayers an opportunity to correct genuine mistakes, ensuring compliance without facing unnecessary penalties.