ITR Filing FY2022-23: Do you need to revise your income tax return (ITR)? Find out here
There is a sliver of hope for taxpayers like Mehta. Archit Gupta, Founder and CEO of tax filing portal, ClearTax, suggests that she file a revised tax return and opt for the new tax regime. Under Section 139(5), a taxpayer can voluntarily revise the tax return filed by him. Revised returns for the current assessment year can be filed till 31 December 2023. The revision can be done even after the return has been processed by the tax department. Under the new tax regime for the financial year 2022-23, Mehta will not get the benefit of Rs.50,000 standard deduction or her contribution to the Provident Fund, but her tax would be lesser due to the lower tax rates. She can save about Rs.3,200 tax under the new regime. Incidentally, ClearTax users are alerted about the difference in the tax liability of the old and new tax regimes when they file their returns. “The taxpayer can decide at that point which tax regime he wants to opt for,” says Gupta of ClearTax.
File a revised return if…
Tax
- you made a mistake in your ITR.
- you missed reporting some income in your ITR.
- you were not able to claim HRA exemption.
- your Annual Income Statement was not updated when you filed the return.
- you could not claim credit for TDS due to late updation in Form 26AS.
- you did not verify your return within the specified time frame.
Filing a revised return
If you, too, have made a mistake in your tax return, you can file a revised ITR. The mistake can be as simple as choosing the wrong tax regime or listing incorrect bank account details. There can also be serious mistakes that could lead to a tax notice and stiff penalties. Meet Pune-based IT professional Sunil Kumar (see picture), who filed his tax return in July. He duly included the income from
