Revised ITR 2025: This year, the deadline for submitting your Income Tax Return (ITR) was September 16th. Waiting until the last minute to file can lead to mistakes. Often, after submitting, taxpayers realize they forgot to report some income. Some might even make typos. If a mistake is found post-filing, what options are available for taxpayers?
Meaning of Revised Return
Experts suggest that if a taxpayer discovers an error or forgets to report any income after filing their Income Tax Return, there’s no need to panic. They can submit a revised return. Not filing a revised return might lead to a notice from the Income Tax Department. Many taxpayers often overlook foreign assets or income in their returns. This minor oversight could have serious consequences.
Deadline for Revised Return
As per income tax regulations, a tax return can be revised up to three months before the assessment year ends or before the assessment is completed, whichever comes first. This means that if a taxpayer finds an error in their return after September 16th or forgets to report any income, they can file a revised return by December 31st, 2025. It’s crucial to remember that this is also the final date for submitting a belated return.
No penalties or fees apply
Taxpayers should be aware that they can revise their returns multiple times. There are no penalties or fees associated with filing a revised return. A revised return can even be submitted after the tax refund has been processed. Taxpayers need to verify the revised return, just like the original, within 30 days of filing it online.
Many taxpayers are confused about the difference between a revised return and an updated return. There’s a key distinction between the two. Revising a return means a taxpayer wants to correct something in their return. This is done within the same assessment year that the original return was filed. On the other hand, an updated return can be filed within 48 months after the assessment year ends, but this requires the taxpayer to pay additional taxes and