Income Tax Return Revised

A revised return is an application under Section 139(5) to correct errors or omissions in the original return. Section 139(5) of the Income Tax Return Revised Act allows you to file a revised return if you find an error in your original return. You can also adjust late returns. You may submit a revised return before December 31 of the relevant assessment year or before the end of the assessment, whichever comes first.

Here are examples that require you to submit an income tax revised return:

Correction of errors:

If you find any mistakes or errors in your original revise ITR filing, such as incorrect income, deductions, or other information to be reported, you can file a revised return in Legalchalo to correct those errors. This can provide the tax authorities with more accurate information.

Missing reports:

If you accidentally left out certain sources of income or failed to include certain deductions or exemptions in your original revised ITR file, you can file revised return to include those missing details. This ITR helps ensure that your tax return is based on complete and accurate information.

Changes in tax returns:

If there is a change in tax laws, regulations, or rates after filing your original ITR that affects your income tax revision return, you can file a revised return with those changes added to your tax return. This allows you to adjust the tax liability accordingly.

The Income Tax Act allows amendments to income tax returns for these and other errors committed by the taxpayer, and if the taxpayer corrects the error and returns his income tax return, it is called an income tax return revised.

Possible Reasons for Filing a Revised Return:

Taxpayers can file an income tax return revised (ITR) to correct any errors or omissions in their original tax return. This is allowed under Section 139(5) of the Income Tax Act. Here are some common reasons why a person may file a revised return in income tax:

Error correction: Income misreporting: missing or incorrectly calculated income from wages, employment, interest, rent, or other sources.

Deductions: erroneous claims for home mortgage payments, medical expenses, educational loans, etc., or failure to deduct appropriate payments.

Tax offense: omitting or missing an incorrect tax return.

Personal Information Errors: Clerical errors in PAN, bank details, address, or PAN of spouses or dependents.

Failure to report: Inadvertent sources of income omitted: Ignoring income from freelancing, investments, property sales, and so on.

Forgot deductions or exemptions: stopped claiming deductions for contributions, savings accounts, health insurance, and more.

Change in tax rate: To receive money after filing an initial return stating the amount of tax or tax due.

Other conditions:

Change of residence status: Move from resident to non-resident after filing the initial application, or vice versa.

Tax improvement of the tax department: correcting discrepancies reported by income tax authorities in their accounts.

Refund due: It is understood that they are eligible for a refund after the initial filing due to overpaid taxes.

Taxpayers can file an amended income tax return revised (ITR) to correct any errors or omissions in their original tax return.

Who can file an income tax return revised under Section 139(5)?

Any taxpayer who has already filed an income tax return can amend the return and resubmit. However, if the return is filed after the due date, which is called a late income tax return, it can be filed.

What is the due date for filing an income tax return revised under the Act?

The revised return under Section 139(5) must be filed by December 31. The original may be filed even if it has been processed by the tax department. There is also no limit to the number of times a tax return can be revised.

For adjusted amounts relating to FY 2023–24 (Assessment Year 2024–25), the deadline is on or before December 31, 2024, provided the assessment of the original return has not been completed before that date.

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