Income Tax: How Many Times Can You Revise Your ITR?
For the financial year 2024-25, the last date to file a revised return is December 31, 2025, or before the completion of the assessment, whichever is earlier.
Filing your Income Tax Return (ITR) correctly is crucial, but even the most diligent taxpayer can make mistakes. Whether it’s forgetting to declare interest income, claiming the wrong deduction, or reporting incorrect bank details, errors can creep in. Fortunately, the Income Tax Department allows you to rectify these mistakes through a revised return.
As the ITR filing for FY 2024-25 is underway, it’s important to gather all important information about revised returns.
Section 139(5) of the Income Tax Act, 1961 offers taxpayers an opportunity to rectify errors or omissions in their original return by allowing the filing of a revised ITR. This provision serves as a safeguard, ensuring you can correct inaccuracies and submit a more accurate tax return. But it's important to note that the deadline to file your Income Tax Return for the financial year 2024-25 (assessment year 2025-26) without late fees is Sept. 15. The deadline has been extended from July 31 earlier.
How Many Times Can You Revise Your ITR?
As per current income tax laws in India, there is no limit on how many times you can revise your return, as long as it is done within the prescribed deadline. That means you can revise your ITR multiple times if you discover different errors at different times. The key, however, is to do so before the deadline.
For the financial year 2024-25, the last date to file a revised return is December 31, 2025, or before the completion of the assessment, whichever is earlier.
What Qualifies For A Revision?
You can revise your ITR if you have:
Missed reporting some income
Claimed wrong deductions or exemptions
Entered incorrect personal details
Filed the wrong ITR form
Importantly, you can only revise a return that was originally filed before the due date (usually July 31 for individuals). If you missed the original deadline and filed a belated return, you can still revise it as per updated rules, provided it’s within the permitted time.
Steps To File A Revised Return
Log into the Income Tax e-filing portal.
Choose the option to file a revised return under section 139(5).
Enter the acknowledgement number and date of filing of your original return.
Make the necessary corrections.
Verify the revised return using Aadhaar OTP, net banking, or other methods.
Important Points To Note
If your revised return still contains errors, you can revise it again, but only before the December 31 deadline.
A revised return should not be used to hide income or deliberately misstate facts. This may attract penalties.
Once the Income Tax Department completes the assessment of your return, you cannot revise it, even if the deadline hasn’t passed.
Why Filing A Revised Return Matters
Correcting mistakes not only avoids notices from the I-T Department but also ensures you get the right refund or pay the correct tax. With new systems in place for data matching and reporting, even minor discrepancies can trigger scrutiny and may lead to penalties or interest charges on outstanding dues.
While the option to revise ITRs multiple times offers relief to taxpayers, it’s always best to be accurate the first time. Still, if you discover an error, don’t panic. Just revise your return promptly to avoid penalties.
