Income Tax Return Filing: There can be many types of mistakes while filing income tax return. Especially people make mistakes by not disclosing all their income. Apart from this, mistakes are made in ITR filing due to non-claiming of certain deductions. In such a situation, the facility of filing revised returns is provided by the Income Tax Department, so that the ITR can be filled by rectifying the mistakes.
A certain time is given by the Income Tax Department to fill the revised ITR. ITR can be filled within this fixed limit. If you have not yet filed income tax return, then you should complete it before 31st July. Penalty will be imposed if the return is filed after July 31.
Charges for filing Revised ITR
A notice is sent by the Income Tax Department to fill the revised ITR if some mistakes are found in the ITR of taxpayers. You are given a fixed time limit to file the revised ITR. Revised ITR has to be filed within this stipulated time. No fee is charged for this. Revised ITR can be filed for free.
Under what circumstances do you file Revised ITR?
- To rectify certain mistakes in the original Income Tax Return
- Reporting of additional income missed in original ITR
- Inclusion of additional deductions or exemptions not initially claimed
- Updating information as per Revised Form 16 or TDS Certificate
- In case of change on deposit of tax
- Revised ITR on receipt of notice from the Income Tax Department
Last date to file Revised ITR
The last date for filing original ITR is July 31, 2023, but if you are going to file revised ITR, then experts say that section 139(5) taxpayers are allowed to file revised return at any time before three months from the end of the related assessment year or before the completion of assessment, whichever is earlier. Taxpayers can file revised returns on or before 31 December 2023 i.e. on or before 9 months from the end of the financial year 2022-23.
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