ITR: Hello friends, it often happens that, due to haste or lack of knowledge, we make small or large mistakes while filing our income tax returns. Often, after filing our return, we suddenly remember that we’ve omitted some income, entered the wrong TDS, or missed some important detail.

This creates a sense of dread about what will happen next. Fortunately, if you’ve filed your return for the financial year 2024-25 and there’s a mistake, the law gives you ample opportunity to correct it.

What is a Revised Return, and When Can You File It?

If you filed your ITR on time but later realise that some information was incorrect or missing, you can file a revised return. This facility is available under Section 139(5) of the Income Tax Act. The deadline for filing a revised return for the financial year 2024-25 is December 31, 2025. This means you still have enough time to correct your mistakes without panicking and avoid future problems.

ITR: What is a Belated Return and its Deadline

When a taxpayer files their income tax return after the deadline, it is called a Belated Return. If, for some reason, you are unable to file your return by the original deadline, the law still allows you to file it later. Belated returns for the financial year 2024-25 can also be filed until December 31, 2025. However, filing late results in forfeiting certain benefits and may also incur penalties or interest.

ITR: Reasons for Re-filing a Return

It is often observed that people file their returns manually, showing income under the wrong head, claiming additional deductions, or forgetting to include important information such as foreign assets. Sometimes, incorrect TDS claims also become a cause of trouble. In such cases, it becomes necessary to either file a belated return or revise a previously filed return to avoid facing a notice or penalty later.

Disadvantages of Filing a Late Return

Timely filing of ITRs offers several benefits, such as faster refunds, less scrutiny, and peace of mind. However, filing a belated return may result in late fees and interest. Furthermore, in many cases, if the return is not filed after December 31st, the opportunity to claim a tax refund may be lost. Therefore, it is best to correct the mistake within the stipulated time limit.

Can All Returns Be Revised?

It is also important to know that not every return can be revised. Only those returns that have been filed on time under Section 139(1) or as a belated return under Section 139(4) can be revised. If you filed a return under Section 142(1) after receiving a notice from the Income Tax Department, it cannot be revised under Section 139(5).

Frequently Asked Questions (FAQs)

Question: What should I do if I make a minor mistake in my ITR?
Answer: If the mistake was unintentional, you can easily correct it by filing a revised return.

Question: What is the last date for filing a revised return?
Answer: Revised returns for the financial year 2024-25 can be filed until December 31, 2025.

Question: Is a refund available on a belated return?
Answer: Yes, but filing a return after December 31 may forfeit the opportunity to claim a refund.

Question: Can a return filed after a notice be revised?
Answer: No, a return filed after a notice under Section 142(1) cannot be revised.

Disclaimer: This article is for general information purposes only. Tax rules may change from time to time. It is advisable to consult a chartered accountant or tax expert before making any decisions.

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