If you are worried that you filed the wrong income tax return, you can always file a revised ITR. But do note that the income tax department could impose penalties up to 300 per cent where it is found that a revised ITR has been intentionally filed to conceal income and evade taxes
The last date for filing the income tax return for FY 23-24 is just two days away. In case, if you have used the wrong income tax return (ITR) form while filing your return or erroneously omitted some information, you can always file a revised return.
Section 139(5) of the Income-tax Act, 1961 allows taxpayers to submit a revised return in case the original return they filed is erroneous or has any omission.
However, if a taxpayer deliberately uses wrong information or intentionally selects the wrong ITR form or files a revised return with the motive to conceal their actual income and/or evade taxes, the income tax department could impose penalties ranging from 100-300 per cent of the due tax.
Deadline: The deadline for submitting the revised return for AY24-25 is on or before December 31, 2024, or before the original return’s assessment is completed, whichever comes first. It is of utmost importance to thoroughly check every information before filing the revised ITR to avoid any delays and to ensure that the revised return is accurate in all respect.
Number Of Revised Returns You Can File: One can file revised ITRs as many times as they want, as the maximum limit has not been specified by the income tax department. However, it is advisable that the revised ITR should be filed only once, after ensuring that all the information is correct, to avoid any further confusion on both the taxpayer’s and the administration’s end.
Errors In revised ITR: As the income tax department has imposed no limitations on the number of times a revised ITR can be filed, one can always file another revised ITR within the specified timespan mentioned upon finding any error in any revised return filed earlier.
Penalties: There are no penalties on filing a revised ITR, however, penalties ranging from 100-300 per cent of the amount of tax due can be imposed upon discovering intentional filing of a revised ITR to manipulate income figures.
Revised ITR For A belated ITR: A revised ITR for an already filed ITR can be filed even after its deadline. For instance, the revised ITR for FY2023-24 can be filed on or before December 31, 2024.