Who can file Revised ITR: To rectify the mistake in ITR, the Income Tax Department has given taxpayers the opportunity to file Revised ITR. Deadline has also been announced for this. At the same time, those who have missed filing ITR can file belated return.
New Delhi: If you have filed ITR on time, but now you are coming to know that some mistake has been made or some information has been entered wrongly, then it can be rectified. The Income Tax Department has asked such taxpayers to file Revised ITR while giving them an opportunity to rectify the mistake.
Taxpayers who missed the deadline can file belated ITR
According to the Income Tax Department, 6.77 crore income tax returns have been filed till July 31 for the financial year 2022-23. However, a large number of taxpayers have missed this deadline. The Income Tax Department has given such taxpayers an opportunity to file belated ITR. However, for this, a penalty of up to Rs 5,000 has to be paid.
This is how the mistake made in ITR can be rectified
Taxpayers who have filed ITR but have entered wrong information or figures have gone wrong, such taxpayers get a chance to file Revised ITR under Section 139(5) of the Income Tax Act, 1961.
Will I have to pay penalty for Revising ITR?
According to income tax rules, no penalty or fee is charged for correcting mistakes and filing revised ITR. However, there is definitely a deadline to file it. December 31, 2023 is the last date for filing Revised ITR for the financial year 2022-23.
Revise ITR can be filed multiple times
According to income tax rules, taxpayers can file revised tax returns multiple times within the deadline. However, you will have to give complete details of the return to the Income Tax Department every time.
How to file Revise ITR
Revise ITR is filed under section 139(5) of the Income Tax Act. The process of filing it is the same as filing the original ITR. Individual taxpayers only need to ensure that section 139(5) is selected while filling the applicable income tax return form and the original ITR number is required in the process.
