ITR filing: How to file Revised Income Tax Return

• April 26, 2023
• CA Chandan Agarwal's Office

ITR filing AY 2023-24: Here is the step-by-step guide for filing the Revised ITR.

It is common to make mistakes while filing your Income Tax Return (ITR). Fortunately, the tax department provides a provision for taxpayers to rectify any errors they may have made. Section 139(5) of the Income-Tax Act, 1961 allows taxpayers to correct their mistakes by filing a revised return.

To ensure that the revised return is valid, it must be filed on or before the completion of the applicable assessment year. The assessment year is the year immediately following the financial year for which the return was filed. It is important to note that filing a revised ITR is equivalent to filing a new ITR with corrections under Section 139(5) of the Income Tax Act.

When filing a revised return, you need to provide details of the original return. Essentially, filing a revised return involves submitting your return again, but this time with the correct information. By doing so, you can rectify any errors made in the original return and ensure that your tax liability is accurately assessed.

HERE IS HOW TO FILE A REVISED INCOME TAX RETURN

• Visit the Income Tax website, and now login to the Income Tax e-filing portal by entering your user ID (PAN) and Captcha code.
• After logging in, you can proceed to click on the e-filing menu and then select the ‘Income Tax Return’ link.
• On the next page, your PAN will be auto-populated. Then select the assessment year, ITR form number, and Filing type (original or revised return) and select the submission mode as ‘Prepare and submit online’.
• In the online ITR form under the ‘General Information’ tab, choose the ‘return filing section’ as ‘revised return’ under Section 139(5) and the ‘return filing’ type as ‘revised’.
• Now enter the acknowledgment number and date of filing of the original return. (It is compulsory to enter the 15-digit acknowledgment number when filing a revised ITR).
• Then fill in or correct relevant details of the online ITR form and then submit the ITR.
• Finally, e-verify the returns for faster processing and a quicker refund.

Source: https://www.indiatoday.in/information/story/itr-filing-how-to-file-revised-income-tax-return-2363329-2023-04-22