3.9 crore taxpayers have filed their income tax returns till July 2023. Out of the above, only 3.6 taxpayers have verified their returns. As per the data of the e-filing site, around two crore ITRs have been processed by the income tax department.
The last date to file the income tax return is 31st July 2023. With the later date so close, most taxpayers have already filed and verified their returns. But since we all are humans, it is natural to make mistakes. Many taxpayers commit mistakes while filing their income tax returns. Many individuals may now wonder whether it is possible to correct these mistakes and file an Income tax return. (Particularly if they are eligible for a refund)
This is when section 139(5) of The Income Tax Act 1961 comes to our rescue. It allows taxpayers to make changes to their income tax returns in case they have made any mistakes.
Any person who discovers any omission or mistake in the previously filed return is allowed to file a revised return three months before the end of the relevant assessment year or before the completion of the assessment year, whichever is earlier. So, for FY 2022-23, the last date to file a revised income tax return is 31st December 2023.
You can file a revised return even after receiving a refund. In case you have received a refund amount, you will have to pay that amount first. In addition to the refund, you will also have to pay any additional tax with interest at the time. This interest is calculated at the time of filing the revised return.
If the revised tax liability is higher, the taxpayer will have to pay extra tax along with interest. Similarly, if the tax refund is lower, then the taxpayer will receive a further refund.
In conclusion, the provision to file revised income tax returns provides a lifeline to those who made unintentional mistakes during filing the returns. This will help in ensuring that their tax liability or refund is accurate. It will streamline the process for the taxpayers as well as the income tax department. For more information regarding revised ITR filing, contact our tax professionals at FileMyReturn.
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