For those income tax payers who inadvertently made a mistake at the time of filing their income tax returns, there is a provision in the income tax law that entitles them to file a revised income tax return. This essentially means filing a new return that overshadows the previous return. There could be a slew of reasons for the mistakes that may have come up in the income tax return filing process.
Some of the reasons include the following:
1. Entering wrong bank account details
2. Factually incorrect personal information
3. Mismatch of income between the tax return and FORM 26AS
4. Omission of recording foreign income
How to file a revised return
At the outset, you can visit the income tax website, enter the user ID and captcha code. Once you log in, you can click on the e-filing menu and select the income tax return link. On the next page, the portal will prompt you to enter your PAN.
After entering you Permanent Account Number, you can select the assessment year and other details. These include income tax return form number, file type (original or revised return where you will naturally choose revised. Then you can select the submission mode as prepare and submit online.
As you proceed, choose the ‘return filing section’ under the general information tab as revised return under section 139 (5). Also, make sure that under the ‘return filing’ type, you choose ‘revised’.
Now you need to enter the acknowledgement number and date of filing of the original return. Make sure you enter the acknowledgement number at the time of filing revised return.
Now, here comes the part for which you are filing the revised return. You can fill in the correct relevant details of the online ITR form, and submit the ITR. But do not forget to e-verify the returns for faster processing and a refund, if it is there.
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Meanwhile, Finance Minister Nirmala Sitharaman announced a new provision in the Budget 2022-23 to allow people to file their updated income tax return within two years if they made an omission or mistake in estimating their income for tax payment.
“Some taxpayers may realize that they have committed omissions or mistakes in correctly estimating their income for tax payment. To provide an opportunity to correct such errors, I am proposing a new provision permitting taxpayers to file an Updated Return on payment of additional tax. This updated return can be filed within two years from the end of the relevant assessment year,” said Nirmala Sitharaman during the Budget speech on February 1, 2022.