What is a revised return and when to file one?

We’ve all been there – the annual tax filing hustle. Despite our best efforts, the rush can lead to errors such as misreporting, claiming the wrong deductions, or overlooking some income or assets.

The good news? You can correct those errors with something called a "revised return.”

Section 139(5) of the Income-tax Act, 1961 allows you to rectify such mistakes by filing a revised income tax return.

What are some key considerations?

  • The revised return will substitute the original one once it’s filed.
  • Make sure to select filing type as 139(5) - Revised Return and enter the details of your original return.
  • Before filing the revised return, ensure that your original return is timely e-verified.
  • If you had filed a belated return after the due date, you can still file a revised return for it.
  • Keep in mind that it’s mandatory for you to e-verify the revised return within 30 days of filing it.

When can I file a revised return?

You can file a revised return to correct any sort of error made in the original ITR. Below are some common instances:

  • Rectifying personal details such as residential status, address, bank details, Aadhaar number, email, mobile, or nature of business code
  • Selecting the correct form for filing your ITR in case you had filed the wrong one
  • Reporting any income that was missed in the original ITR such as income from foreign assets
  • Correcting the amount of deductions claimed in the original ITR

Can I file a revised return without verifying the original return?

No, you will first have to e-verify the original ITR to file a revised one. Moreover, do not forget to e-verify the revised return as well.

What is the deadline for filing a revised return?

The due date for filing a revised return is 31st December of the relevant assessment year (AY). For the current AY i.e. 2023-24, the due date for filing a revised return is 31st December 2023.

How many times can you file a revised return?

There is no limit on the number of revised returns you can submit. However, you will have to provide complete details of the original ITR, that is, the first ITR that was filed, every time you file a revised return.

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