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BUSINESS
According to the Income-tax Act of 1961, specifically Section 139(5), citizens can revise their income tax returns if they happen to find mistakes or overlook something during their initial submission.
The deadline for filing income tax returns for the financial year 2023-2024 is July 31, 2024. If taxpayers have made a mistake while filing the ITR, the Income Tax Department offers an option to file a revised ITR.
The original ITR will be replaced by the revised return for cases where errors were made including putting your wrong bank account number, claiming an improper deduction, or wrongly declaring interest income.
What is a revised ITR?
According to the Income-tax Act of 1961, specifically Section 139(5), citizens can revise their income tax returns if they happen to find mistakes or overlook something during their initial submission. This service is free of cost and won't incur any extra charges.
However, you can still 'discard' a filed ITR and submit it instead of filing a revised ITR, providing that the filed ITR has not been verified yet.
According to section 139(5), the last date to file a revised ITR for FY 2023-24 (assessment year 2024-25) is December 31, 2024, or before the completion of the assessment, whichever is earlier.
Here’s how to file a revised ITR
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