Received Income Tax Refund or intimation? You can still file revised ITR to rectify mistakes – Know how

financialexpress.com:

The deadline to fill out original income tax returns (ITR) concluded on July 31. While it is crucial to submit your ITR on time, it is also vital that you strive to be meticulous and try to avoid errors. However, sometimes there is a chance that we might rush to file the ITR at the last minute. As a result, it is quite natural to make mistakes when the deadline approaches.

When taxpayers file their returns within the deadline in a hurry, it is only later that they realise they have either missed some information or they did not disclose it. While there can be several things that could go wrong in a process, the Income Tax Department of India allows you to rectify these errors by filing a revised ITR.

Previously, taxpayers who filed the ITR within the deadline were allowed to file a revised return. However, under the current legislation, every taxpayer (including belated ITR) is allowed to file the revised ITR under Section 139(5) if they made a mistake while filing their returns. Under this particular section, if taxpayers discover any wrong statement or an omission, they can furnish a revised return. Nevertheless, this adjustment may be submitted three months before the assessment year ends or, if that occurs earlier, before the completion of the assessment.

Under Section 139(5) of the Income Tax Act and verdict from Kolkata Tribunal, revised return can be filed even after receiving Intimation or refund from IT Department. Therefore, the deadline assigned to file revised returns for FY 23 (assessment year 2023-2024) is December 31, 2023.

There would be no penalty if you filed a revised return if there were just small modifications, such as a change in your bank account information or other personal information.