Income Tax Return Revision for AY 2023-24: Who should file a revised ITR? Is there a penalty?
Revised Income Tax Return (ITR) Filing for AY 2023-24: To err is human. Taxpayers also make mistakes while filing their Income Tax Returns. This year is also no exception. These mistakes may be in the form of not disclosing all incomes or forgetting to claim some deductions.
However, the Income Tax rules provide an opportunity for taxpayers to rectify their mistakes by filing a revised Income tax Return (ITR) within a fixed time frame. But there is no additional fee for filing a revised return. This article provides all the key details taxpayers need to know about filing revised returns.
“In case the taxpayer has omitted some information or made an error, he or she must file a revised ITR and report information accurately,” says Archit Gupta, CEO of Cleartax, a tax filing platform.
According to Dr Suresh Surana, Founder, RSM India, Section 139(5) of the Income Tax Act, 1961 allows taxpayers to file a revised return of income. Such return may be filed by the taxpayer under the following circumstances:
– The taxpayer discovers any error or omission made by them while filing their original income tax return, such as reporting incorrect income, deductions, bank details, personal information, or any other information.
– The taxpayer realizes that he/she inadvertently omitted certain income sources or failed to include certain deductions or exemptions or missed to report and carry forward losses in his original return provided the same could have been claimed at the time of furnishing the original return.
– The taxpayer notices that there is a mismatch in income between the original return of income and Form 26AS/AIS.
Also Read: ITR filing Error: Minute details you should not miss to e-file error-free return for AY 2023-24
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