The Buyt Desk
Revised Income Tax Returns can be filed prior to completion of 3 months of the assessment year under Section 139 (5) of the Income tax act, 1961. Let us understand in detail.
The last date for filing a revised Income tax return for Assessment Year 2022-23 or Financial Year 2021-2022 is 31st December 2022.
In India, Income Tax Return (ITR) is a form that a taxpayer uses to file their income and tax for the financial year to the Income Tax Department of India. July 31st, 2022 was the last date for filing unaudited individual ITR as set by the Central Board for Direct Taxes (CBDT) for the financial year 2021-22. One can file ITR after the deadline if he /she has not done so till July 31st, 2022. The concept of Revised ITR was introduced in the Financial Budget 2022. Through this, the taxpayer can file his/ her revised ITR after setting right the errors.
What are Revised Income Tax Returns?
The last date for filing an unaudited income tax return was July 31, 2022.You may discover some error on your part in the IT return. Some incorrect information or missed giving some information, incorrect data, selection of wrong ITR form, incorrect bank details, incorrect income details, incorrect TDS, missed adding an extra source of income and many more such mistakes could be done while filing ITR for Assessment Year (AY) 2022-23 or Financial Year (FY) 2021-2022. If you want to edit these mistakes then you need to file Revised Income Tax Returns and edit your returns for that financial year. The Income Tax Act, 1961 has a provision to revise the filed ITR under Section 139 (5).
What is the eligibility and deadline for filing Revised ITR?
Taxpayers who have already filed their ITR either before or after the last date of filing are eligible for revising their income tax return. If you have not filed ITR for the current AY then you cannot file the revised ITR.
Taxpayers can file their revised ITR anytime three months prior to completion of the assessment year. So for AY 2022-23, Assessment year completion is 31st March, 2022 and thus the last date to file a revised ITR is 31st December 2022. Taxpayers can file their revised ITR online on the income tax e-filing portal.
https://www.incometax.gov.in here you can file the revised ITR online by logging in to your account.
Summing up all details about the revised ITR filing for FY 2021-22 or AY 2022-23
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Under Section 139 (5) of the income tax act, 1961 taxpayer is allowed to revise his /her income tax return when he / she wants to edit the already filed ITR for AY 2022-23.
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Taxpayers who have filed their ITR on or before 31st July 2022 or even after the deadline are eligible for filing a revised ITR.
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Taxpayers can file their revised income tax return three months before the last day of the assessment year. 31st December 2022 is the last day to file revised ITR for AY 2022-23 for both audited and unaudited ITR filing.
