ITR Presentation (Image source: iStockphoto)
The deadline for filing Income Tax Returns (ITR) for the financial year 2023-24 was July 31, 2024 for individuals who are not subject to a tax audit. If you filed your return before the deadline but later discover errors, omissions or undeclared income that may result in additional tax, there is no need to worry. The Income Tax Department allows correction of such errors by filing a revised ITR.
According to a report by The Economic Times, CA Abhishek Soni, co-founder of Tax2Win, “You can file a revised return before December 31 of the relevant financial year or before the assessment is completed, whichever is earlier.”
But what if your ITR has already been processed and you have received a refund? The phrase “before assessment is completed” can be confusing as it can refer to different stages including the initial assessment under section 143(1) or a more detailed scrutiny assessment under section 143(3). Once your ITR has been successfully processed, you will receive a notification under section 143(1) via email. Does this mean you cannot file a revised return after this?
In most cases, ITRs are processed under section 143(1), which is a preliminary verification of the return. If your ITR has been processed and a refund has been issued, you can still file a revised return. The report added that the experts clarify that as long as the assessment under section 143(3), which involves scrutiny, has not started, you are eligible to file a revised ITR.
If your original ITR is processed under section 143(1), you retain the option to file a revised return. However, if you have been selected for examination under section 143(3), filing a revised return is no longer an option. The examination process under section 143(3) has a time limit of 12 months from the end of the tax year.
Filing a revised return may also allow you to change your tax regime. For example, if your original return was filed under the old tax regime, you have the option to change to the new tax regime by filing a revised return.
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