Revised I-T Return: Fix Errors in Your Tax Return Before the Calendar Year Ends

The deadline to file the income tax return (ITR) for FY 2023-24 ended on September 16 after two extensions. However, if you realise that an error was made while filing your return, you can file a revised return anytime before 31st December 2025.

What is the revision of the income tax return? 

Under Section 139(5) of the Income Tax (I-T) Act, the revision of income tax is filed. If any discrepancy or wrong detail is found after filing your return, you’re allowed to revise and resubmit it within the same assessment year.

Due date to file a revised return

Taxpayers can revise their ITR up to three months before the close of the assessment year or before assessment, whichever is earlier. For AY 2025-26, the last date for filing a revised return is 31 December 2025.

Is there any distinction between a revised return and an updated return?

Yes, revising a return is different from updating a return. Revising a return means to correct a genuine error within the same assessment year . But an updated return can be filed within 48 months of the end of the assessment year after payment of the additional tax and penalty.

Reason to file a revised tax return 

A revised return may be filed for several reasons, including but not limited to the following:

• After submitting your return, if you discover that certain income sources- like capital gains or interest were omitted.

• Under a special case where you need to remove or perhaps add a dependent from your return.

• There may also be errors in your personal details—such as an incorrect bank account number—that can be rectified by filing a revised return.

Conclusion

Filing a revised return provides taxpayers with a second chance to correct mistakes, ensuring that their tax filings are accurate and compliant with the Income Tax Act. By understanding the deadlines, reasons, and differences between revised and updated returns, taxpayers can avoid penalties and ensure proper reporting of their income and deductions.