How to File Revised Income Tax Return for A.Y 2023-24?

How to File Revised Income Tax Return?: It is common for taxpayers to realize that they have made a mistake or missed out on important details while filing their Income Tax Returns (ITR) originally. The good news is that these errors can be rectified. The procedure requires submission of revised tax returns through the tax authorities’ online platform called eFiling portal. Suppose you have already filed your income tax return before the deadline but later find out mistakes or errors in it, do not worry about it as you still can correct them by filing revised income-tax return. In this article we are going to take you step by step with easy methods on how revise the ITR for A.Y. 2023-24 i.e Assessment Year 2023-24.”

When You Need to File a Revised Income Tax Return? 

1. Taxpayer Error : As a taxpayer, if you discover that something is absent or wrong in your original income tax return, you can correct it.

2. Correction Procedure: You do this by submitting a revised income tax return on the eFiling portal which is an online platform provided by the tax authorities for managing taxpayers’ tax-related documents.

3. Deadline: For making these changes there is a deadline within which one should complete them. The taxpayers have three months before the end of the assessment year or until the original return has been assessed by the department whichever is earlier. Taxpayers are allowed to revise their returns till 31st December 2023 which is three months prior to the end of assessment year 2023-24.

Preparing and Submitting Online (for ITR-1 & ITR-4 only)

Step 1: Go to the Income Tax e-Filing portal at ‘www.incometaxindiaefiling.gov.in.’

Step 2: Log in to the e-Filing portal with your User ID (PAN), password, captcha code and click ‘Login’.

Step 3: Click on the menu ‘e-File’ and select the link ‘Income Tax Return’.

Step 4: On the Income Tax Return Page:

– Your PAN will be auto-populated.

– Choose ‘Assessment Year’.

– Select ‘ITR form name’ which is applicable to you.

– Under ‘Filing Type’, select ‘Original/Revised Return’.

– For ‘Submission Mode’, select ‘Prepare and Submit Online’.

Step 5: In the Online ITR Form, under tab “General Information”,

In “Return Filing Section”, select “Revised return under section 139(5)”.

For “Return filing type”, select “Revised”.

Step 6: Enter ‘Acknowledgement Number’ and ‘Date of filing’ of Original Return filed by you.

Note:

a) You need to have a 15 digit Acknowledgment Number when filing revised return online. If acknowledgment number received for original return filed by you is less than 15 digits then add required number of Zeroes before Acknowledgment Number to make it fifteen digit. Some examples are given below:

Original Acknowledgment No.-123456789 Revised Acknowledgment No.-00123456789
Original Acknowledgment No.-98765432 Revised Acknowledgment No.-098765432

b) Date of filing is date on which Original Return was filed by you.

Step 7: Fill or correct details in the revised online ITR form and submit ITR.

After entering Acknowledgement Number and Date of filing Original Return, please proceed to fill in / correct the necessary details in revised online ITR form. Ensure that all the details are correct and up to date. After reviewing and updating the form, submit the Revised Return through e-Filing portal.

Step 8: e-Verify or Send ITR-V

e-Verify – It is mandatory for faster processing of returns and quick refunds.

Send ITR-V – If you choose not to e-Verify, you should send physical copy of ITR-V (Income Tax Return Verification) to CPC, Income Tax Department, Bengaluru – 560500 by Ordinary or Speed post within 120 days from the date of filing of return. This step completes the filing process for your return.

These steps will help you in preparing and submitting revised tax return online specifically for ITR-1 & ITR-4.

Method 2: Uploading XML: A Step-by-Step Guide

If you want to change your income tax return and would like to upload the XML, then follow these steps. This method is applicable for all types of Income Tax Returns (ITRs) and seems to be a semi-online and semi-offline way of filing revised income tax returns. You must start by downloading the XML utility and filling in required details offline. Once you complete preparing the revised return and generating an XML file, you can upload it on Income-tax e-Filing portal so that revised return could be submitted online successfully. By allowing taxpayers to correct their tax returns through an offline system then submitting them online, this combination provides flexibility as well as convenience.

1. Approach the e-Filing Portal: Start by visiting ‘https://www.incometax.gov.in/iec/foportal/’ which is an official Income Tax e-Filing portal.

2. Download Appropriate ITR Utility: Under ‘Downloads’, select suitable ITR utility tool from ‘Downloads >> Offline Utilities >> Income Tax Return Preparation Utilities’ and download it on your computer.

3. Extract & Open Utility: After extracting downloaded utility into separate folder go ahead and open it keeping in mind additional instructions given in ‘Read me’ document about prerequisites if any etc.

4. Retrieve XML of Original Return: If you have filed any previous returns online which now needs revision then it is advisable to import already uploaded XMLs etc., You can get those XMLs at ‘My Account >> View e-Filed Returns/Forms’. Select ‘Income Tax Return’ from dropdown menu then click submit button ,e-Filed ITRs will display there where under appropriate acknowledgement number link should be clicked upon so that corresponding xml may get downloaded from server side itself .

5. Configure ITR Utility: In this step within ITR utility specify section as revised return u/s 139(5) and filing type as Revised

6. Enter Original Return Details : Enter acknowledgement number and date of filing of Original Return filed through online mode. Acknowledgement No should be 15 digit long if not than we have to add zeros after it till reaches length equal to fifteen digits.

For ‘Acknowledgement Number’ and ‘Date of Filing Original Return,’ go to ‘My Account >> View e-Filed Returns/Forms >> Select ‘Income Tax Returns’ from the drop-down and click on ‘Submit.’ In order to revise your tax return by uploading XML file on e-filing portal this detailed manual will serve you as a great teacher.

Revised Income Tax Return After Processing or Refund Issued

Revising Returns After Processing: Even when your tax return has been processed by the revenue authorities, changes can still be made. This is permitted by the Income Tax Department under Section 139(5) of the tax laws.

Refunds and Revised Returns: It does not matter that you have received a tax refund after processing your original return; you can still file for a revised version. Keep in mind that claiming a refund does not bar one from correcting their tax return if need be.

In other words, what it means is that even if your tax return has already been processed this should not worry you because there are different methods through which this can be done online easily and quickly too whether or not a person has got back their income refund or had quick processing done on their returns they may still submit revised ones for rectification or adjustment purposes.

Can I File a Belated Revised Income Tax Return?

Yes, even if you file late, you can correct your income tax return by filing a belated one. The ability to correct tax returns applies to both those filed on time and those filed past the deadline. If you made mistakes or need to make changes on an untimely filed return, there is an option for submitting revised versions that fix wrong numbers or provide new financial details.

Belated income tax returns

In case you missed the July 31, 2023 deadline for filing your income tax return, such documents may still be submitted at a later period. These are known as “belated returns”.

Last date for submitting belated returns

The final date by which all belated returns should have been sent is December 31, 2023. So essentially taxpayers get extra time after the original due dates within which they can send their forms back in.

Fines

However, some amount of money may have to be paid as a penalty when making an overdue submission – it depends on how much one has earned during that particular year:

For incomes between Rs 2.5 lakh and Rs 5 lakh – a fine in the amount of Rs 1,000;

For incomes over Rs 5 lakh – a fine totaling Rs 5,000.

Revising Belated Returns: You can revise a belated return if at first some errors were detected or additional information needs updating. In other words it means that even though the deadline was missed initially there is still a chance to fix what went wrong with your taxes.