Income Tax: Found Errors/Mistakes in Your ITR Filing Form? No Worries, You Still have Option to Revise/Correct it
Income Tax: Found Errors/Mistakes in Your ITR Filing Form? No Worries, You Still have Option to Revise/Correct it
Have you made any mistake or missed out on something while filing your income tax return (ITR) for AY 2025-26? If that is the case, you still have the option to correct it through an updated return file.
Did you know that an updated income tax return can be filed up to 48 months after the end of the financial year? This means that for AY 2025-26, one could file an updated return until 31 March 2030.
What is the Updated Income Tax Return?
An updated return is an income tax return (ITR) that allows income taxpayers to file their tax returns within an extended time period. This return aims to encourage voluntary tax return filing.
Anyone can file an updated return, barring a few circumstances, regardless of whether they have previously filed an original, belated, or revised return for the relevant assessment year.
While filing an updated income tax return, a taxpayer is required to provide some specific details such as;
- Basic details such as PAN, Name, and Aadhaar
- Earlier return details, if filed, i.e., section, ITR form, acknowledgement number, and date of filing of the previous return.
- Eligibility for Filing an Updated Return
- Reasons for filing the Updated Return
- Relevant ITR form chosen for Updated Return
When can’t you file an updated return?
There are certain conditions under which one can’t file an updated return; for instance, if the total income is a loss. Moreover, in case of a lower tax liability, an updated return cannot be filed.
An updated return cannot be revised as it can only be filed once for any particular assessment year.
Additionally, no updated return can be filed for the assessment year relevant to the previous year in which a search is initiated under Section 132, or for any assessment year preceding such an assessment year.
Can an updated return be filed when the return is of loss?
An updated return can’t be filed if it reflects a total loss as income. However, there is no restriction on filing an updated return if your income shows a loss under any head of income, but the total income is positive.
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