Many taxpayers are feeling the pressure to file their income tax returns on time with just seven days left before the December 31 deadline. Adding to the stress, the Income Tax Department has sent bulk SMS and email alerts to several taxpayers, informing them that their income tax refunds have been put on hold due to mismatches in ITR filing details. The messages have triggered widespread concern and confusion online, especially as affected taxpayers have been asked to file a revised return before the December 31 due date to avoid further issues.
What Does Filing a Revised ITR Mean?
While filing an income tax return, it’s common for taxpayers to miss some details or make small errors such as incorrect income figures, forgotten deductions, or calculation mistakes. To fix this, the Income Tax Act provides a second chance.
Under Section 139(5) of the Income Tax Act, 1961, taxpayers are allowed to file a revised income tax return to correct any errors or omissions made in the original ITR. This revised return helps ensure that all income, deductions, and details are accurately reported and can also help resolve issues like a refund being put on hold.
Steps to File a Revised Income Tax Return Online
Filing a revised ITR is a simple online process. Here’s how you can do it step by step:
– Log in to the Income Tax e-filing portal at incometax.gov.in
– Click on “e-File” > “Income Tax Returns” > “File Income Tax Return”
– Select “Revised u/s 139(5)” as the return filing type
– Enter the acknowledgement number and filing date of your original ITR
– Choose the correct ITR form, update the required details, and submit the return
E-verify the revised return using Aadhaar OTP, net banking, or digital signature within 30 days, or send the signed ITR-V to the Centralised Processing Centre (CPC), Bengaluru
Will You Have to Pay Any Penalty for Filing a Revised ITR?
There is no penalty for filing a revised income tax return. However, if the revision shows that you owed more tax than what you declared earlier, you may have to pay additional tax along with applicable interest. This usually happens when some income or details were missed in the original return.
Revised ITR vs Belated ITR: Know the Key Difference
A revised ITR is filed when a taxpayer wants to correct mistakes or omissions in an already submitted return, such as missed income or wrong calculations. In this case, an original ITR is already on record, and the revised return simply replaces it.
On the other hand, a belated ITR is filed when a taxpayer misses the original due date altogether. Here, the belated return itself becomes the first and original filing.
Key difference to remember:
Belated ITR: Attracts a penalty ranging from Rs 1,000 to Rs 5,000
Revised ITR: No penalty, unless additional tax and interest are payable//
