The due date for filing the Income Tax Return (ITR) has already passed with many either ecstatic about having received their refunds or are still waiting for the refund amount to be credited to their accounts. However, in a hurry to file the ITRs within the due date, many taxpayers tend to fill in incorrect bank details or fill in the wrong ITR forms or ignore reconciling the mismatch in the information contained in Form 26AS and the ITR filed.
Correcting ITR details online
The taxpayers willing to correct these errors can now file a revised ITR. They can do so through the web by simply logging on to https://www.incometax.gov.in/iec/foportal with their PAN Card number and password. Section 139(5) of the Income Tax Act, 1961 allows you to file a revised version of ITR by getting rid of the erroneous details in the original return filed.
Elucidating the significance of filing the revised IT return, Viral Bhatt, Founder, Money Mantra says, “Section 139(5) states that if an individual after filing their tax return discovers any omission or wrong statement, then he/she can furnish a revised return. This revised return can be filed three months prior to the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. Thus, the last date to file a revised return for FY 2021-22 (AY 2022-23) is December 31, 2022, for ITR filed for FY 2021-22 (AY 2022-23)."
There is no limit to the number of times you can file a revised return. Remember, every time you file a revised return, you are required to provide details of your original ITR. Revising your tax return is a chance for you to rectify your mistake, but one should avoid misuse of this facility and ensure to take utmost care while filing the original tax return.
Once you have filed your revised ITR, ensure that you have verified the same. The income tax department will not accept your revised tax return unless it is verified. To verify your revised income tax return, you can use any of the 6 methods available to verify your ITR, i.e., e-verification by using electronic methods such as Aadhaar, OTP, EVC through net banking or via physical verification by sending a signed copy of ITR-V (Acknowledgement Receipt) to CPC, Bangalore.
Effective from August 1, 2022, the Income Tax Department reduced the time limit to verify ITR from 120 days earlier to 30 days. Hence, if the revised ITR is filed on or after August 1, 2022, then ensure that it is verified within 30 days.
Do keep in mind that the deadline for rectifying the mistake in your tax return and filing a belated return is the same, i.e. December 31. Therefore, if you file a belated return on December 31, 2022, for the FY 2021-22 (AY 2022-23) you will miss out on the chance to rectify the mistake, if any, in your ITR.”
How to file revised ITR online?
If you want to file a revised return, you can do so using the following steps:
- Open to the Income Tax portal https://www.incometax.gov.in/iec/foportal
- Log in to the portal using your ID and password
- Once the page is opened, click on “E-File” and choose “Income Tax Return”
- Once you have reached the Income Tax Return page, select AY 2022-23, hover your mouse on “Online” and then click on “Select Mode Filing”
- Select the options that you want to correct
- Opt from one of the statuses including individual, HUF and others as applicable
- Select the correct ITR form and proceed with the information sought
- Post submitting the details in the ITR form, you must e-verify your revised ITR. Alternatively, you may also verify your return offline by sending it to the Centralized Processing Centre of the IT Department at its Bengaluru office via speed post.
Ensure filing your ITRs correctly to avoid getting caught on the wrong foot. Submitting wrong details, knowingly or unconsciously, can result in penalties and jail time depending on the grievousness of the mistake committed.