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For those who have already filed their ITR but discover mistakes or omissions after the deadline, there’s no need to worry. A revised return can be filed to correct errors and address any additional taxes owed, including interest. “The Income Tax Department allows you to correct mistakes through a revised ITR, even after the deadline has passed. You can file a revised return by December 31 of the relevant assessment year or before the completion of the assessment, whichever comes first,” explains CA Abhishek Soni of Tax2Win.

It’s important to understand that a revised return can still be filed even if the original ITR has been processed under Section 143(1). This section typically deals with initial processing, while Section 143(3) pertains to detailed scrutiny assessments. “A revised ITR can be filed as per timelines given in Section 139(5) even after receiving an intimation under Section 143(1). However, it cannot be revised after the original ITR has been processed under Section 143(3),” notes Shalini Jain, Tax Partner at EY India.

A revised ITR can only be filed if the original return was processed under Section 143(1). If the return has been picked for scrutiny under Section 143(3), a revised ITR cannot be filed. For returns processed for FY 2023-24, the scrutiny assessment deadline is March 31, 2026. The revised return deadline, however, is December 31, 2024. Therefore, it is unlikely that a scrutiny assessment will be completed by this date.

It is also possible to switch tax regimes when filing a revised ITR. If the original return was filed under the old tax regime, the revised return can be filed under either regime. However, if the initial filing was under the new tax regime, the revised return must also adhere to the new regime. Section 115BAC(1A) mandates that the new tax regime is the default unless explicitly opted out of.

If a revised return results in an increased tax liability, taxpayers must pay the additional amount along with applicable interest.

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