If, after filing the return, a taxpayer discovers a mistake or omitted to disclose any income, they need not worry. They can file a revised return. Failing to file a revised return could result in a notice from the Income Tax Department.
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Revised ITR: This year, the deadline for filing Income Tax Returns (ITRs) was September 16th. Last-minute filing errors are a risk. Often, after filing, taxpayers realize they forgot to disclose a certain income. Some taxpayers make typos. What options do taxpayers have if such an error is discovered after filing?
Experts say that if a taxpayer realizes they made a mistake or forgot to disclose a certain income, they need not worry. They can file a revised return. Failure to file a revised return could result in a notice from the Income Tax Department. Often, taxpayers forget to disclose foreign assets or foreign income on their returns. This small mistake can cost them dearly.
According to income tax rules, a return can be revised three months before the end of the assessment year or before the completion of the assessment, whichever is earlier. This means that if a taxpayer discovers an error in their return after September 16th or has omitted to disclose any income, they can file a revised return by December 31, 2025. It’s important to note that this is also the last date for filing a belated return.
It’s important for taxpayers to know that they can revise their returns more than once. There are no penalties or fees for filing a revised return. A revised return can be filed even after the tax refund has been processed. Taxpayers must verify the revised return, just like the original return, within 30 days of submitting it online.
Many taxpayers don’t understand the difference between a revised return and an updated return. There’s a significant difference between the two. Revising a return means a taxpayer wishes to make some kind of correction to their return. This is done in the same assessment year in which the original return was filed. However, an updated return can be filed within 48 months of the end of the assessment year. This requires the taxpayer to pay additional taxes and penalties.
