The due date to furnish your ITR for the incurred income in the fiscal year 2024-25 (the assessment year 2025-26) has been circulated. However, in some cases, you are enabled to file your income tax return.
For example, when you have already furnished your ITR, but you revealed the mistakes or missed reporting of any income, then you could furnish the amended return.
When you do not furnish the ITR for FY 2024-25, you could furnish the belated return.
When you seek to update your former return, you could do the same. However, there would be no penalties and limitations linked to it.
What is a Revised Return?
When you have furnished your return but come to know that you incurred an error, omission, or any wrong statement, then you must amend the return by furnishing the amended return within the specified duration.
“This return can be filed three months before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier,” a tax expert mentioned. It is directed that for AY 2025-26, you are enabled to amend the returns within December 31, 2025.
If required, you can amend the ITR form while amending the tax return. “No penalty can be levied by the department for revising bona fide mistakes. Interest under sections 234B and 234C will be recalculated under every revised return. Before filing the revised return, a taxpayer must ensure that the original return has been verified,” said the tax expert.
No limitation shall be there on the attempt you make to revise the return, however, you should note that when the original return has been furnished in the paper format or manually, technically, the same could not be amended online or electronically.
What is an Income Tax Belated Return?
A valid return furnished within the due dates is known as an original return under section 139(1) of the Income-tax Act, 1961. The last date for furnishing your return is 31st July 2025 for the AY 2025-26.
“An assessee who does not file his return within the timelines prescribed in the Act but files the return after the due date is referred to as a belated return under section 139(4) of the Act,” mentioned the tax expert.
A late return could be furnished up to 3 months before the end of the related assessment year. Thus, any return furnished post 31st July 2025, however, before 31st Dec 2025 for the AY 2025-26 shall be treated as a belated return.
For furnishing the belated return, you might be required to file a penalty. Under section 234F, the late filing fee of Rs 5000 is required to be paid when the return is filed post to the last date. But the late filing amount fees obligated to be paid will be Rs 1000 when the total income of the individual is not more than Rs 5 lakh.
No late fee for filing is there despite the last date lapsing when you are filing the return voluntarily and not needing to furnish an ITR. If your income is less than the basic exemption limit, i.e Rs 2.5 lakh for a person below the age of 60 years, Rs 3 lakh for people between the ages of 60 and 80 years, and Rs 5 lakh for those above 80 years, there is no obligation for ITR filing.
In these cases, when you furnish a return even post to the due date, you are not required to file any penalty.
What is an Updated Income Tax Return?
The Finance Act 2022 has made a subsection (8A) in section 139 to allow the filing of an updated return.
The section furnishes an updated return that could be furnished through any individual no matter of the point, if the individual has furnished the original, belated, or amended return previously, for the related assessment year or not, as per the prerequisites.
Towards the objective of furnishing the updated returns, the government has introduced a new income tax return-filing facility known as the Updated Return.
But to furnish an updated return you are required to file a penalty “You need to pay the due tax and interest along with an additional 50 per cent amount of such tax and interest if ITR U is filed within 24 months end of the relevant assessment year and You need to pay the due tax and interest along with an additional 25 per cent amount of such tax and interest if ITR U filed within 12 months end of the relevant assessment year.
Indeed, you must mention that an updated return would not be permitted to be furnished when the same would have the intention to specify a lower income or a loss, which you will seek to set off against the gains you incurred in the former times, said the tax expert.
For furnishing the updated ITR, a separate ITR form- U.
You need to specify the cause behind furnishing the updated return. Whether you do not furnish an ITR earlier when you want to report the income which was not notified precisely before or when you opt for the incorrect heads of income in the original return which you furnished before, whether you seek to lessen the carry forward losses or seek to diminish the tax credit or furnish the return rely on the incorrect tax rate etc.
