The last date for filing income tax in the year 2024 was 31 July 2024. If you have also filed your ITR by this date, but you have been informed by the Income Tax Department that there are mistakes in it and your income tax refund has not been received yet. In such a situation, you do not have to panic. You have the option of filing a revised return to correct any mistake and settle any additional tax along with applicable interest. This is the last date to file revised ITR
CA Abhishek Soni, co-founder of Tax2Win, said, “The Income Tax Department provides you the option to correct the mistakes through revised ITR even after the deadline has passed. You can file a revised return by December 31 of the relevant assessment year or before the completion of assessment, whichever is earlier.”
Can the tax regime be changed in revised ITR?
Experts say that if you have filed your ITR under the old tax regime, then you can file a revised return under the old or new system. But if you have filed your original ITR under the old tax system, then you are allowed to file revised ITR only under the old tax system.
Interest will have to be paid if tax liability increases in revised ITR
Section 115BAC (1A) of Income Tax makes it clear that the new tax system is applicable to a person by default unless the taxpayer has exercised the option to exit the new tax system as per sub-section (6) of Section 115BAC. It should be known that if your tax liability increases after filing revised income tax return, then you will have to pay additional tax along with applicable interest.