If you notice an error or discrepancy in your filed income tax return, it’s essential to understand the process for revising your ITR, especially if you’ve received a notice from the Income Tax Department.
ITR Filing Deadline and Revision Process
Despite requests from taxpayers and tax professionals to extend the ITR filing deadline due to technical glitches on the e-filing portal, the deadline remained July 31. The Income Tax Department reports that approximately 7.29 crore income tax returns were filed for Assessment Year 2024-25, with 6.16 crore verified and 2.69 crore processed.
Missed the ITR Filing Deadline?
If you missed the July 31 deadline, you can still file a belated return under Section 139(4) by December 31, 2024. Penalties for late filing range from ₹1,000 to ₹5,000, depending on your annual income. For those earning over ₹5 lakh annually, the penalty is ₹5,000 plus interest on any outstanding tax. Those earning between ₹2.5 lakh and ₹5 lakh (or ₹3 lakh under the new tax regime) will incur a ₹1,000 late fee.
Filing a Revised ITR
If you identify any errors, omissions, or discrepancies in your ITR, you can file a revised return by December 31, 2024. This process is governed by Section 139(5).
Revising ITR After Receiving a Notice
You can revise your ITR after receiving a notice from the Income Tax Department under Section 139(5). For the financial year 2024-25, the deadline to file a revised return is December 31, 2024.
Also read: ITR Filing 2024: Income Tax Department to Send Many Notices in August 2024
Steps to File a Revised ITR
To file a revised return, you will need the Income Tax Return-Verification (ITR-V) Form from your original return, as well as the acknowledgement number and filing date of the original ITR. These details can be found on the ITR-V or the e-filing portal.
Steps to File a Revised Return on the E-filing Portal:
- Log in to the Income Tax e-filing portal.
- Select the ‘Quick e-file’ option.
- Choose the relevant Assessment Year (AY) and submit.
- Under ‘Filing Status,’ choose your employer category and return-related information.
- In column A21, select ‘17 – revised return – 139(5)’.
- In column A24, enter the acknowledgement number of the original ITR and the date it was first filed.
- Fill in the correct details of tax exemptions and income as per the original return.
- Submit the form.
- Print the ITR-V of the revised return and sign it.
- Send it, along with the ITR-V of the original return, to the Central Processing Centre (CPC) in Bengaluru.
Following these steps ensures that any errors in your original ITR are corrected, and your tax return is accurately revised.