Outlook Money
The deadline for filing the income tax return for FY 23-24 was 31 July. However, in case, the wrong income tax return (ITR) form has been filed or erroneously some information has been omitted, a revised form can be filed.
Under section 139(5) of the Income-tax Act, taxpayers are allowed to submit a revised return in case the original return they filed is erroneous or has any omission.
Deadline: For filing revised ITR, the deadline for submitting is on or before December 31, 2024, or before the original return assessment is completed, whichever comes first.
There is no maximum limit set by the income tax department, so one can file as many times as wanted. However, it is advised that the revised form should be filed once after checking all the information.
As there are no limitations on how many times an ITR can be filed, one can file a revised ITR as many times as needed within the specified timespan mentioned upon finding any error in any revised return filed earlier.
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 intentions of manipulation of income figures.
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.