Income Tax: What is revised I-T return which you can file till the end of the calendar year?

Last date to file income tax return (ITR) for FY 2023-24 ended on September 16 after two extensions. But if you realise that you committed a mistake at the time of filing of return, then you can always file a revised return anytime before 31 December 2025.

Let us understand more about this here:

What is the revision of the income tax return?

The revision of the income tax return is filed under section 139(5) of the Income Tax (I-T) Act​.​​ If any taxpayer, after having filed a return under sub-section (1) or sub-section (4), discovers any omission or any wrong statement, he may furnish a revised return during the same assessment year.

What is the deadline to file a revised return?

An income tax return (ITR) can be revised at any time, three months before the end of the assessment year or before the assessment, whichever is earlier. Therefore, for AY 2025-26, the last date to file a revised return would be 31 December.

Is this different from an updated income tax return?

Yes, revising a return is quite different from updating a return. Revising a return refers to correcting a genuine mistake within the same assessment year. But an updated return can be filed within 48 months of the end of the assessment year after payment of additional tax and penalty.

What could be the reasons to file a revised tax return?

There could be several reasons for filing a revised return. These include the following:

I. After filing your return, if you realise that you missed reporting certain sources of income, such as capital gains or interest.

II. There could be a special case where you need to remove or perhaps add a dependent from your return.

III. Also, there could be some other mistakes in your personal information, such as a wrong bank account number, which need to be corrected by filing a revised return.

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