The deadline for filing income tax returns for the financial year 2023-2024 is July 31, 2024. However, if you’ve made a mistake while filing your ITR, don’t worry! The Income Tax Department offers a convenient option to file a revised ITR. This allows you to rectify errors such as an incorrect bank account number, improper deductions, or misreported interest income.
A revised ITR effectively replaces your original return, ensuring the accuracy of your tax information. According to the Income-tax Act of 1961, specifically Section 139(5), you can revise your income tax return if you discover mistakes or oversights in your initial submission. The best part? This service is entirely free of cost, so there are no extra charges.
However, it’s crucial to note that you can only ‘discard’ a filed ITR and submit a new one instead of filing a revised ITR if the original ITR has not yet been verified.
The last date to file a revised ITR for FY 2023-24 (assessment year 2024-25) is December 31, 2024, or before the completion of the assessment, whichever comes earlier.
Here’s a step-by-step guide to filing a revised ITR:
1.
Log in to the Income Tax e-filing website:
Visit the official website and access your account.2.
Select ‘Revised Return under Section 139(5)’:
When filling out Part A of your form under General Information, choose this option from the provided dropdown list.3.
Provide your original ITR details:
Carefully enter the details of your original income tax return.4.
Choose the correct ITR form:
Select the ITR form that applies to your situation.5.
Make the necessary corrections:
Update the revised return form with the accurate information.6.
