Understanding & Filing Revised Income Tax Returns – TaxArithm

Revised Income Tax Return under section 139(5)
A Revised Income Tax Return is an important provision that allows individuals freedom to correct errors or provide additional information (which was missed to be provided in Original ITR filed), in their previously filed tax return. As the name itself suggests, the revised return can be filed, where you have already filed a Tax return and you wish to make certain changes in Tax return already filed. The filing of revised tax return is carried out online, which is like the process for filing the Original Tax return.
Reasons for filing a Revised Income Tax Return (ITR)
A Taxpayer may decide to file a Revised tax return for following reasons:
- Correction of Errors:
  Individuals may file a revised return to correct mistakes, update information, or include details unintentionally omitted in the original filing.
  For example: Correction of Incorrect personal or bank information by filing Revised Tax return, reporting of missing information by filing Revised Tax return (Example- Income from sale of Shares not reported in Original Tax return), adding missing information by filing Revised Tax Return (Example- Interest Income missed out in Original Tax Return)
- Missed Deductions or Exemptions:
  If a Taxpayer realizes that He/ She missed claiming certain deductions or exemptions in Original Return filed, a revised return provides an opportunity to claim those deductions in Revised Return.
  For Example: Deductions under Chapter VI-A (LIC, Tuition fees, medical insurance, Provident fund) not claimed or Short claimed in Original Return filed.
Procedure for filing a Revised return Online:
- Using TaxArithm:
1. You can opt for TaxArithm Tax filing services for the easiest way to file your revised Tax return.
2. The option to file a revised return is available on the Dashboard, in case you have already filed your original tax return through our website.
3. If you are first time user and wish to file revised tax returns through our website, you can go to “Add Service Section” and choose Revised return and Financial Year from the Drop-down option to start revised return filing. The process is easy and in three easy steps your revised return will be filed.
  Visit us at: TaxArithm
  1. Once logged in, select the option for “Revised Return.”
  2. Upload all the additionally necessary documents.
  3. File your Revised Return and receive Acknowledgement of the same.
- In case you wish to file revised tax return directly through income Tax department portal, then follow the below mentioned steps:
1. Log in to the E-filing Portal.
2. Once logged in, select the Option for “Revised Return.”
3. Select the assessment year for which you are filing the revised return. This is typically the year in which the original return was filed.
4. Provide details from your original tax return, such as the acknowledgment number and date of filing.
5. Input the corrected information in the appropriate sections of the online form. Clearly indicate the changes made.
6. If the changes involve additional documentation, upload the necessary files as per the guidelines provided on the e-filing portal.
7. The online portal may automatically recalculate your tax liability based on the revised information.
8. Review the revised return thoroughly to ensure accuracy. Once satisfied, submit the revised return through the online portal.
9. After submission, the e-filing portal should provide an acknowledgment or confirmation of the revised return filing.
Due Date for filing a Revised Return under Income Tax Act
A Revised Return can be filed, latest by 9 months from the end of the financial year.
For example: For the Original return filed for Financial Year 2023-24 (i.e. Assessment year 2024-25), the last date by which, revised return can be filed is 31st December 2024.
In Summary
The option to revise Tax return provides Taxpayers with opportunity to correct/modify or suitably add details missed out in Original Tax return. Importantly, the Income Tax Department imposes no separate charges for submitting revised Income Tax Returns. Also, the taxpayer has the flexibility and liberty to file their revised returns multiple times, as long as the same are filed within the 9 months timeframe from the end of relevant Financial Year as mentioned above.

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