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

How to File Revised Income Tax Return?: As a taxpayer, it’s not uncommon to realize that you’ve made a mistake or missed important details in your initial Income Tax Return (ITR) submission. The good news is that you can rectify these errors. The process involves using the tax authorities’ online platform, known as the eFiling portal, to submit a revised tax return. If you’ve already filed your income tax return by the deadline, but later discover mistakes or errors, don’t worry. You can easily make corrections by filing a revised income tax return. In this article, we’ll walk you through the straightforward steps to revise your income tax return for the Assessment Year (A.Y.) 2023-24. Whether it’s a missed deduction or a simple error, we’ll guide you on how to rectify it effortlessly.”

When You Need to File a Revised Income Tax Return? 

1. Taxpayer Mistake: If you, as a taxpayer, realize that there’s something missing or incorrect in the income tax return you initially submitted, you can fix it.

2. Correction Method: You can make these corrections by submitting a revised income tax return on the eFiling portal. This is an online platform provided by tax authorities for managing your tax-related documents.

3. Deadline: You have a deadline for making these corrections. Taxpayers have a specific time frame to make these revisions, which is three months before the conclusion of the assessment year. Or, you can do it before the tax authorities finish assessing your original return, whichever comes first. Taxpayers can revise their returns until December 31, 2023, as this is three months before the end of the assessment year 2023-24.

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

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

Step 2:  Log in to the e-Filing portal by entering your user ID (PAN), password, the displayed captcha code, and then click ‘Login.’

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

Step 4:  On the Income Tax Return Page:
– Your PAN will be automatically filled in.
– Choose the ‘Assessment Year.’
– Select the appropriate ‘ITR form Number.’
– Under ‘Filing Type,’ choose ‘Original/Revised Return.’
– For ‘Submission Mode,’ select ‘Prepare and Submit Online.’

Step 5:  In the Online ITR Form, under the ‘General Information’ Tab:
– In ‘Return Filing Section,’ select ‘Revised return under section 139(5).’
– For ‘Return filing type,’ select ‘Revised.’

Step 6: Enter the ‘Acknowledgement Number’ and the ‘Date of filing’ of the Original Return that you filed.
– Note: You must provide a 15-digit Acknowledgement Number when filing the revised return online. If you received an acknowledgment number with less than 15 digits for a paper-filed original return, add zeroes to the end to make it 15 digits. The table below provides some examples of this.

Step 7: Fill or correct the relevant details of the online ITR form and submit the ITR.

After entering the Acknowledgment Number and the Date of filing the Original Return, proceed to fill in or make corrections to the necessary details in the online ITR form. Ensure that all the information is accurate and up to date. Once you’ve reviewed and updated the form, submit the Revised Return through the e-Filing portal.

Step 8: e-Verify the returns for faster processing and quicker refunds or Send the ITR-V through normal or speed post to “Centralized Processing Center, Income Tax Department, Bangalore-560500.”

To expedite the processing of your Revised Return and receive refunds more quickly, you have two options for verification:

• e-Verification: You can electronically verify your returns using methods such as Aadhaar OTP, net banking, or a digital signature. This ensures a faster processing time.
• Sending ITR-V: Alternatively, if you choose not to e-Verify, you should send a physical copy of the ITR-V (Income Tax Return Verification) to the Centralized Processing Center at the specified address in Bangalore via normal or speed post. This step is essential to validate your return and complete the filing process.

These steps guide you through the process of preparing and submitting a revised tax return online, specifically for ITR-1 and ITR-4.

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

If you need to revise your income tax return and prefer to upload an XML file, here’s a detailed guide to help you through the process. This method applies to all types of Income Tax Returns (ITRs). It indeed appears to be a semi-online and semi-offline method for filing a revised income tax return. You begin by downloading the XML utility and filling in the necessary information offline. After you’ve prepared the revised return and generated the XML file, you then proceed to upload it on the Income Tax e-Filing portal to successfully submit the revised return online. This combination of offline preparation and online submission provides flexibility and convenience for taxpayers who need to make corrections to their tax returns.

1. Access the e-Filing Portal: Start by visiting the official Income Tax e-Filing portal at  https://www.incometax.gov.in/iec/foportal/.’

2. Download the Appropriate ITR Utility: Under the ‘Downloads’ section, find the suitable ITR utility tool under ‘Downloads >> Offline Utilities >> Income Tax Return Preparation Utilities.’ Download it to your computer.

3. Extract and Open the Utility: Extract the downloaded utility into a separate folder and open it. Ensure you follow any additional instructions provided in the ‘Read me’ document for prerequisites and guidance.

4. Retrieve the XML of Your Original Return: If you have previously filed your return online and want to revise it, it’s advisable to import the already uploaded XML. You can access these XMLs under ‘My Account >> View e-Filed Returns/Forms.’ Select ‘Income Tax Return’ from the dropdown, then click ‘Submit.’ You will see a list of e-Filed ITRs. Click on the appropriate ‘Acknowledgement Number’ of the return you want to revise and click on the ‘XML’ link to download it.

5. Configure the ITR Utility: Within the ITR utility, specify the ‘Section’ as ‘Revised return under section 139(5)’ and ‘Filing type’ as ‘Revised.’

6. Enter Original Return Details: Input the ‘Acknowledgement Number’ and ‘Date of filing’ of the Original Return you previously filed online. Ensure that the Acknowledgement Number is 15 digits long. If it’s less than 15 digits (for paper-filed returns), add zeros at the end as needed.

7. Fill or Correct Details and Generate XML: Complete or amend the relevant information within the ITR utility and generate the XML file.

8. Log In to e-Filing Portal: Return to the e-Filing portal and log in by entering your user ID (PAN), password, and the displayed captcha code.

9. Access the Income Tax Return Section: Click on the ‘e-File’ menu and select the ‘Income Tax Return’ link.

10. Provide Details: On the Income Tax Return Page, your PAN will be auto-populated. Select the ‘Assessment Year,’ ‘ITR form Number,’ and choose ‘Filing Type’ as ‘Original/Revised Return.’

11. Choose Submission Mode: For ‘Submission Mode,’ select ‘Upload XML’ and click ‘Continue.’

12. Upload the XML: Upload the XML file you generated earlier in the e-Filing portal.

13. 1e-Verify for Faster Processing: To expedite processing and potentially receive quicker refunds, e-verify your returns using available methods such as Aadhaar OTP, net banking, or digital signature. Alternatively, if you choose not to e-Verify, send the ITR-V through normal or speed post to the specified address: “Centralized Processing Center, Income Tax Department, Bengaluru-560500.”

For details like ‘Acknowledgement Number’ and ‘Date of Filing Original Return,’ refer to ‘My Account >> View e-Filed Returns/Forms >> Choose ‘Income Tax Returns’ from the dropdown and click ‘Submit.’ This comprehensive guide will assist you in the process of revising your tax return by uploading an XML file on the e-filing portal.

Revised Income Tax Return After Processing or Refund Issued

• Revising Income Tax Returns After Processing: If your income tax return has already been processed by the tax authorities, you can still make revisions to it. This is allowed by the Income Tax Department, and it falls under Section 139(5) of the tax laws.
• Refunds and Revised Returns: Even if you have received a tax refund after your initial return was processed, you are still allowed to file a revised return. It’s important to note that receiving a refund does not prevent you from making necessary corrections to your tax return.

In simpler terms, you have the flexibility to make changes to your tax return even if it has been processed, and this can be done easily online. Whether you’ve already received a tax refund or your return was processed quickly, you can still file a revised return to correct any errors or make necessary adjustments.

Can I File a Belated Revised Income Tax Return?

Yes, you can revise your income tax return even if you file it late as a belated income tax return. The ability to revise your tax return applies to both returns filed by the due date and belated returns. If you discover errors or need to make changes to your belatedly filed return, you have the option to file a revised return to correct any inaccuracies or update your financial information.

1. Belated Returns: If you miss the deadline for filing your income tax return, which is July 31, 2023, you can still file it later. This is known as a “belated return.”
2. Belated Return Deadline: The deadline for filing a belated return is extended until December 31, 2023. This means you have a window of time beyond the initial due date to submit your return.
3. Penalties: To file a belated return, you may need to pay a penalty. The penalty amount depends on your income:
   • For incomes between Rs 2.5 lakh and Rs 5 lakh, the penalty is Rs 1,000.
   • For incomes above Rs 5 lakh, the penalty is Rs 5,000.
4. Revision of Belated Returns: If you file a belated return and later discover errors or need to make changes, you can still revise this belated return. This means you have the opportunity to correct your tax return even if you initially missed the deadline.

In simpler terms, if you forget to file your tax return by the due date, you can still file it late, known as a belated return. The belated return deadline is December 31, 2023, with penalties based on your income. You can also revise this belated return if necessary to make corrections or updates.