Revised ITR filing: What is the timeline for revising original Income Tax Return? Is there a penalty?

financialexpress.com:

Question: Please guide on whether returns filed by individuals can be revised. What is the timeline for revising the original return filed by the taxpayer? Would revising such a return attract any penal consequences?

Answer by Dr Suresh Surana, Founder, RSM India: Section 139(5) of the Income Tax Act, 1961 (hereinafter referred to as ‘IT Act’) allows taxpayers to file a revised return of income. Such return may be filed by the taxpayer under the following circumstances:

A taxpayer can revise his return on or before 31st December of the relevant assessment year i.e. on or before 9 months from the end of the financial year. Thus, with respect to Financial Year 2022-23, taxpayers can file a revised return on or before 31st December 2023 i.e. on or before 9 months from the end of the financial year 2022-23.

Further, there are no separate penalty provisions for the purpose of filing of revised return. However, there may be interest consequences depending upon the revision in income.

Also, a taxpayer may furnish an updated return of his income u/s 139(8A) of the IT Act within 24 months from the end of the assessment year (i.e. 36 months from the end of the financial year), subject to certain specified conditions. A taxpayer would not be eligible to file an updated return in case of search, survey, seizure, etc. and such return cannot be a loss return.

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However, in case of updated return, the taxpayer would be required to pay additional tax u/s 140B of the Income-tax Act which would be 25% of aggregate of tax and interest payable, if such return is furnished before completion of period of 12 months from the end