Income Tax News: With just three days left, the deadline for filing income tax returns (ITRs) is drawing near quickly. The ITRs of many taxpayers have already been filed. It is significant to remember that July 31, 2024, is the last day to file an ITR. Many taxpayers have concern when it comes to filing their ITR. But there’s no reason to be concerned. Now that your ITR has been filed, let us clarify what a revised ITR is and how you can use it.
What is a Revised ITR?
If taxpayers make mistakes while reporting their ITR, they can file a revised income tax return under Section 139(5) of the Income Tax Act, 1961. A person can file a revised tax return under Section 139(5) if they find any error or omission in their tax return after filing it.
Deadline for Filing a Revised ITR
According to Section 139(5) of the Income Tax Act, the last date to file a revised ITR for the financial year 2023-24 (assessment year 2024-25) is December 31, 2024. The best part is that there is no fee for filing a revised ITR, and it can be filed as many times as needed.
How to File a Revised ITR
- Go to the Income Tax Department’s e-filing website and log in to your account.
- In Part A of the general information section, select the revised return option under Section 139(5) from the drop-down menu.
- Provide the details of the original return.
- Choose the correct ITR form.
- Make the necessary corrections or updates in the revised return form.
- Submit the form with the required documents if necessary.
Who Can File a Revised ITR?
Under Section 139(5) of the Income Tax Act, 1961, any assessee who has filed an ITR can file a revised ITR to provide accurate information to the Income Tax Department. It is important to note that a revised ITR is filed to correct any errors made while filing the original ITR.
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