If you made a mistake while filing ITR for AY 2024-25 (FY 2023-24), now, there is an option to revise the return. The revised return will take the place of the original return and will be considered as furnished on the date of return that was filed previously. A revised income tax return can be updated before the expiry of the assessment year or at the end of the year, which comes earlier.
Process To Furnish Updated ITR
The process is just similar to the original return filing. Go to the Income Tax Department’s e-filing website and use the secure credential to log in to your account. In Part A of General Information, it is important for the taxpayer to select Revised Return under Section 139(5) mentioned in the drop-down section and further mention the details of the original return to be identified including ‘Date of filing of Original Return’ and Order Acknowledgment Number.
As mentioned by an expert regarding the frequency of revising an ITR form, “Assessees can revise a return every time they discover any omission or wrong statement within the time limit prescribed for filing a revised return. However, one should take utmost care while filing a revised return so as to avoid complications in future and should not misuse the facility.”
Read Also: Free Download Gen IT Software for Fastest ITR Filing
Important Points to Consider While Filing Revised Income Tax Return
- For the FY 2023-24, to file the revised return form is 31st December 2024
- Furnish revise return only in case of wrong and omission statements. The revised return with not disclosed income in the original form can be scrutinized by the assessing officer.
- Mandatorily verify the submitted revised return form
- The original return is replaced by the revised return in the prescribed bracket
- It is important to consider the due date of furnishing the acknowledgement number of the previously furnished original return form.
