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Business Desk – If you filed your Income Tax Return (ITR) by the July 31st deadline and later discovered an error, there’s no need to worry. The Income Tax Department allows you to file a Revised Return.

This allows you to add missing information or correct incorrect information. However, this facility is available only under the rules set out in the Income Tax Act. Therefore, it’s important to understand who can file a revised return and what precautions should be taken into account.

What is a Revised Return?

A Revised Return means correcting an error in a previously filed ITR. Often, when filing a return, a source of income is omitted, the wrong bank account is entered, a tax deduction is incorrectly claimed, or other information is incorrectly entered.

In such a situation, these errors can be corrected by filing a revised return. This also reduces the likelihood of receiving a notice from the Income Tax Department in the future.

Who can file a revised return?

According to tax experts, only if you filed your ITR within the stipulated time limit can you file a revised return under Section 139(5) of the Income Tax Act.

If any errors are discovered after filing the return on time, they can be corrected by visiting the Income Tax Department’s e-Filing Portal.

What to check before filing a revised return?

Income reported in Form 16
AIS (Annual Information Statement)
TIS (Taxpayer Information Summary)
Tax credits reflected in Form 26AS
Bank account information and other personal details

Frequent changes can be costly

Experts say that the purpose of a revised return is to provide correct information. Therefore, frequent changes to the return without any valid reason should be avoided.

If different information is provided each time or major changes are made, the Income Tax Department may subject your file to additional scrutiny. Therefore, it’s best to thoroughly verify all information before filing a revised return.

Why is a Revised Return Important?

Correcting your mistakes in a timely manner can help avoid future problems like tax notices, tax credit errors, or delayed refunds. Therefore, after filing your ITR, be sure to review the entire return and, if you find any errors, correct them by filing a Revised Return as per the established rules.