Filing your Income Tax Return (ITR) is an essential part of managing your finances, but it’s not uncommon to make mistakes while filling out the forms. Whether it’s a miscalculation, missing information, or incorrect details, errors can happen. But don’t panic! If you’ve made an error in your ITR, you can always correct it by filing a revised ITR.
In this guide, we’ll walk you through everything you need to know about filing a revised income tax return (ITR), including how to fix mistakes, the deadline for revision, and common errors to avoid. By the end of this article, you’ll be equipped to handle the ITR correction process with ease.
What is a Revised Income Tax Return (ITR)?
Before diving into the revision process, let’s first understand what a revised income tax return is.
A Revised ITR is a corrected version of the tax return that has already been filed. The Income Tax Department allows you to amend any errors made in the original return submission within a specified time frame.
The ability to file a revised ITR is a valuable feature that allows taxpayers to rectify mistakes and ensure their tax filings are accurate. This ensures that any discrepancies don’t result in penalties or unnecessary delays in processing.
Why Would You Need to File a Revised ITR?
There are several reasons why someone might need to file a revised ITR:
Incorrect details: You might have entered the wrong income amount or miscalculated deductions.
Missing income: If you forgot to report any income or missed reporting interest from a savings account, this would need correction.
Wrong TDS details: Sometimes, TDS (Tax Deducted at Source) might not have been correctly entered.
Wrong bank account details: Providing incorrect bank details can lead to refund delays.
Mistakenly claiming wrong deductions: Perhaps you claimed a deduction that you weren’t eligible for or missed one that you qualify for.
The good news is, if you’ve noticed any of these errors, you can file a revised ITR to correct them.
How to File a Revised ITR: A Step-by-Step Guide
Filing a revised income tax return is a straightforward process. Here’s a step-by-step guide on how to file a revised ITR after a mistake.
Step 1: Log into the Income Tax e-Filing Portal
First, go to the Income Tax e-Filing Portal.
Use your credentials to log in (PAN, password, and captcha verification).
Step 2: Go to “e-File” and Select “Income Tax Return”
Once logged in, navigate to the “e-File” tab.
Select “Income Tax Return” from the dropdown list.
Step 3: Select the Assessment Year and ITR Form
Select the Assessment Year (the year for which you are filing the return).
Choose the correct ITR form that was originally filed.
Step 4: Choose “Revised Return” Option
In the return filing form, you will be prompted to select whether you are filing an original or revised return.
Select “Revised” from the options.
Step 5: Provide the Acknowledgment Number
Enter the acknowledgment number of the original ITR you filed. This number is generated when you first file your ITR and can be found in the email confirmation or the ITR-V (acknowledgment receipt).
Step 6: Correct the Mistakes
Now, you’ll need to make the necessary corrections in the ITR form. This could include fixing your income details, changing deductions, or correcting TDS information.
Be meticulous when filling out the details to ensure that no further errors are made.
Step 7: Review and Submit the Form
Once all the corrections have been made, review your revised ITR thoroughly.
If everything looks good, submit the revised return.
Step 8: E-Verify the Revised Return
After submission, you will need to e-verify your revised return using one of the available methods (Aadhaar OTP, Net Banking, or EVC).
After successful e-verification, the Income Tax Department will process your revised ITR.
Important Points to Remember While Filing a Revised ITR
Deadline for Filing Revised ITR: The last date for filing a revised income tax return is three months before the end of the relevant assessment year. This means, for the financial year 2023-24, the last date to file the revised ITR would be December 31, 2024.
ITR Mistake Rectification: If you made a mistake but didn’t file a revised return on time, you may face penalties or interest charges on unpaid tax.
Filing Revised ITR for Previous Financial Year: You can file a revised ITR for any previous financial year, as long as the assessment year hasn’t expired.
Revised ITR for Refund: If you have made a mistake that could increase your refund amount, filing a revised return can help you claim the excess refund.
Common Mistakes While Filing Revised ITR and How to Fix Them
1. Incorrect Income Details
If you made a mistake in reporting your income, such as omitting income from a second job or freelance work, this can be easily fixed by entering the correct income details in your revised return.
2. Misreporting TDS
If the TDS you paid is incorrect, or if the TDS certificate wasn’t updated, you can correct it by editing the TDS section in the revised return.
3. Incorrect Deductions
Sometimes, taxpayers incorrectly claim deductions under sections like 80C, 80D, etc. Ensure you only claim deductions that you are eligible for.
4. Wrong Bank Account Details
If you entered the wrong bank account number or IFSC code for receiving your tax refund, this can be amended by updating the bank details in your revised ITR.
Frequently Asked Questions (FAQs)
1. What is the process to file a revised income tax return?
The process to file a revised income tax return is simple: log in to the Income Tax e-Filing portal, choose the “Revised” option, enter the acknowledgment number of your original ITR, and make the necessary corrections before submitting the form.
2. Can I file a revised ITR for the previous financial year?
Yes, you can file a revised ITR for any previous financial year, provided the deadline for filing revised returns hasn’t passed.
3. How to amend mistakes in income tax return online?
To amend mistakes in your ITR online, log into the Income Tax portal, select the revised option, and make the necessary corrections in your return before submitting.
4. What happens if I miss the deadline for filing a revised ITR?
If you miss the deadline for filing a revised ITR, you may face penalties or interest charges for the delay in payment. However, you may still be able to correct errors in your next year’s return.
5. How to file revised ITR after mistake?
If you’ve made a mistake, simply log into the Income Tax e-Filing portal, select “Revised Return,” enter the acknowledgment number of your original return, and fix the errors before submitting.
6. Is there a deadline for filing a revised ITR for mistakes?
Yes, the deadline to file a revised ITR is usually by the end of the assessment year, which is 31st December of the following year. For example, for the 2023-24 financial year, the revised ITR must be filed by December 31, 2024.
Comments (0)