Is there any penalty for revising my income tax return?

livemint.com:

I made an error in my income tax return (ITR) on the last day of the deadline, i.e. 31 July. I want to make a revised filing. Will there be any penalty and by when can I file the revised return? —Name withheld on request Many taxpayers often make mistakes in their ITRs.

Such mistakes can pertain to incorrect reporting of certain incomes, deductions, tax liabilities, selection of wrong ITR form, and so on. Such, errors or omissions can lead to inquiry from the tax department or the ITR can be considered defective. To rectify such mistakes and ensure accurate reporting, the window to file the revised ITR still remains open to all the taxpayers.

The revised ITR for FY 2022-23 can be filed up to 31 December without any penalty after remitting the taxes due post such revision. However, it is recommended to file such revised ITR at the earliest, i.e., before any inquiry notice is issued by the tax department for the original ITR filed. My ITR has already been processed and I have received a refund as claimed in the original return? What will happen if I revise my IT return now and the refund is not what was warranted? —Name withheld on request The revised ITR is aimed at rectifying any inaccuracies found in the original submission.

As soon as correct information becomes available and discrepancies in the initial return are identified, it is advisable to file a revised return promptly. Even if the refund amount received matches the initial claim, it remains essential to provide accurate income details to the tax authorities, as notices can still be issued post credit of refund. If, upon revising the return, the refund amount is reduced, the tax department may raise a demand for the excess funds.