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Revised ITR Filing Guidelines: Timeline and Consequences

Section 139(5) of the Income Tax Act, 1961, empowers taxpayers to file a revised return of income under specific circumstances. These include the discovery of errors or omissions in the original return, realization of inadvertently omitted income sources or missed deductions, or noticing a mismatch in income between the original return and Form 26AS/AIS.

Timeline for Revised Returns

Taxpayers can file a revised return on or before December 31 of the relevant assessment year, which is within nine months from the end of the financial year. For instance, for the Financial Year 2022-23, the deadline for filing a revised return is December 31, 2023.

Penalties and Interest

While there are no separate penalty provisions for revised returns, interest consequences may arise depending on the revision in income. Additionally, taxpayers have the option to furnish an updated return under section 139(8A) within 24 months from the end of the assessment year, subject to specified conditions. However, penalties in the form of additional tax apply, amounting to 25% of the aggregate of tax and interest payable if the return is filed within 12 months from the end of the relevant assessment year. If filed after this period but before 24 months, the additional tax increases to 50%.

It’s crucial for taxpayers to be aware of these timelines and consequences when considering the revision or update of their income tax returns.


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