What is a Revised Return?
Revised return is a return filed under Section 139(5) to correct mistakes or omissions made in the original return.
Section 139(5) of the Income Tax Act, 1961, allows you to file a revised return if you discover mistakes in your initial filing. You can even revise a belated return. You can file a revised return by 31st December of the relevant assessment year or before the completion of assessment, whichever is earlier.
December 31, 2024, is the deadline to file the belated and revised income tax returns (ITRs) for FY 2023-24 (AY 2024-25).
Here are instances in which filing a Revised Return is necessary:
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Correction of Errors:
If you discover any errors or omissions in your original ITR, such as misreporting income, deductions, or other details, you have the option to submit a Revised Return. This enables you to rectify any mistakes and provide precise, updated information to tax authorities.
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Missed Reporting:
In cases where you unintentionally overlook specific income sources or neglect to include certain deductions or exemptions in your original ITR, filing a Revised Return allows you to incorporate these overlooked details. This ensures that your tax assessment reflects comprehensive and accurate information.
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Changes in Tax Calculation:
Should alterations occur in tax laws, rules, or rates that impact your tax liability subsequent to the submission of your original ITR, you can file a Revised Return to reflect these changes into your tax calculation.
How to file a revised return?
Did you e-file your income tax return using Cleartax? If you have and are looking for the process to revise a return this guide will help you.
There are chances of taxpayers making mistakes while e-filing their Income Tax Returns. You can always revise your return on Cleartax for a small fee. Earlier, an income tax return could be revised only if the original return is filed within due date of filing return. The good news is that from FY 2016-17, even a belated return can be revised. If you have not filed original return using Cleartax i.e filed your return through income tax department’s portal or any other website, you can use Cleartax to file a revised return.