Revised Return: I made some mistakes when filing ITR; how can I rectify them?

The Income Tax Department allows rectifying the errors in ITR Filing through submission of a "Rectification Request". A revised return can also be filed under Section 139(5) of the Income Tax Act, 1961, for more significant changes like claiming missed tax deductions.

In the case of the unclaimed tax deduction, you can file a revised ITR.

The last date for filing Income Tax Return (ITR) for Assessment Year 2023-24 was July 31, 2023 and this year a total of 6.77 crore returns were filed, according to the government data. However, the last moment rush top beat the deadline often results in errors slipping into their submitted returns. The realisation of such errors may cause anxiety among many taxpayers.

To alleviate these concerns of the taxpayers who feel that their ITR filing could be carrying some errors, let's take a look at what happens next. Fortunately, the Income Tax Department allows a few measures to rectify the errors in ITR filing.

Spotting the error in ITR filing

After filing the ITR it’s important to check details in order to spot any errors in the submitted details. The common errors could range from providing the wrong bank account number, failure to claim deductions to forgetting to report some income. If you notice any error in your ITR filing it’s advisable not to panic as there are remedies. You can file a 'Rectification Request' to correct the errors. If you miss to claim a tax deduction, you can still file a revised return as per Section 139(5) of the Income Tax Act, 1961.

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Correcting the error

To amend the incorrect bank account number or any such other errors you can log in to the e-Filing portal of the Income Tax Department, click on the 'Rectification' link, and initiate the process to rectify the wrong entries in ITR form as per Section 154.

In the case of the unclaimed tax deduction, you can file a revised ITR. As per Section 139(5), a taxpayer can file a revised return anytime within three months before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

Process of filing a Revised ITR

On the Income Tax e-filing portal, select the relevant assessment year and the ITR form number, and opt for the 'Prepare and submit online' mode. Fill in all the necessary details, including the previously omitted tax deductions and also note down the details of the original return.

In the end, select 'Revised u/s 139(5)', in the original ITR details, and submit the form.

Zero penalties

An encouraging aspect is that the Income Tax Department does not impose charges or penalties for filing a revised return. However, it's noteworthy that if there were a change in the tax liability due to the additional deduction or reporting of omitted income the interest could be levied.

The opportunity to correct errors without any penalty encourages taxpayers to file their returns without the fear of minor mistakes casting a long shadow.

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