Revised income tax return: Eligibility, deadline, other details you should know

ITR filing: Due date for unaudited income tax return (ITR) filing is gone but those taxpayers who want to edit their return as they have filled some incorrect information in their ITR like use of wrong ITR form, wrong bank account number, etc., they still have an option to do that. As per the revised income tax rules, a taxpayer can revise one's income tax return under Section 139 (5) of the income tax act, 1961.

Speaking on the revised income tax return filing rules, SEBI registered tax and investment expert Jitendra Solanki said, "A taxpayer is allowed to revised one's income tax return under Section 139 (5) of the income tax act, 1961. Under this rule, those who have filed their ITR before or after the due date are eligible for revising one's income tax return."

On deadline or last date to file revised income tax return for the assessment year (AY) 2022-23, P_ankaj Mathpal, Founder & CEO at Optima Money Managers said, "An income taxpayer can file a revised ITR prior to three months of completion of the assessment year. Hence, for AY 2022-23, last date to file a revised ITR is 31st December 2022," He said that one can file a revised ITR online by logging in a the income tax e-filing portal — https://www.incometax.gov.in.

Here we list out important information in regard to revised ITR filing for AY 2022-23:

1] Eligibility: Those who filed ITR on, before or after 31st July 2022 are eligible for filing a revised ITR.

2] Income tax rule on revised ITR filing: Section 139 (5) of the income tax act allows an income tax payer to revise one's income tax return.

3] Deadline for revised ITR filing: A taxpayer can file a revised income tax return prior to completion of three months of the assessment year. So, in the case of ITR filing for AY 2022-23, last date to file a revised ITR is 31st December 2022.

4] Due dates for ITR filing for AY 2022-23: Due date for unaudited ITR filing for AY 2022-23 was 31st July 2022 whereas due date for audited ITR filing for AY 2022-23 is 31st October 2022.

5] ITR filing last date: The last date for ITR filing and revised ITR filing is same i.e. 31st December 2022.