The Income Tax Department has triggered a wave of anxiety among taxpayers by dispatching bulk SMS and email notifications. The messages inform recipients that their income tax refund has been temporarily suspended. This action falls under a risk management protocol, activated due to discrepancies found in their originally filed Income Tax Return (ITR) details.
Understanding the Revised Income Tax Return
The department's communication, which has caused significant concern online, directs affected individuals to submit a corrected or revised income tax return. The crucial deadline for this revision is 31 December. But what exactly is a revised return?
Filing an ITR can be complex, and errors or omissions are common. To address this, Section 139(5) of the Income Tax Act, 1961 provides a remedy. It allows taxpayers to file a revised income tax return to correct mistakes. These can range from forgotten income sources and incorrect deductions to simple miscalculations made in the original filing.
A revised return essentially replaces the original ITR you submitted. Once you file the revised version, it is considered your final and definitive return for that assessment year.
Key Deadlines and Reasons for Filing a Revised ITR
The final date to file a revised income tax return is the last day of the relevant assessment year. For the current Assessment Year 2025-26, the ultimate deadline is 31 January 2025. However, the department's specific alert sets an earlier date of 31 December for those who received the notification.
Common reasons prompting a revised return include:
- Income that was omitted, under-reported, or exaggerated.
- Claiming excess deductions or exemptions.
- Selecting an incorrect ITR form during the initial filing.
- Errors in calculating the refund amount or tax liability.
It is important to note that you can file a revised return even if you have already received a refund based on your original ITR, provided you are within the permissible timeline.
How to File a Revised ITR Online
The process for filing a revised return online is straightforward. Follow these steps on the official Income Tax e-filing portal:
- Log in to your account using your PAN and password.
- Navigate to the 'e-File' menu and select 'Income Tax Return'.
- Choose the correct Assessment Year and ITR form number.
- Under 'Filing Type', select 'Original/Revised Return'.
- Select 'Prepare and Submit Online' as your submission mode.
- In the online form, under the 'General Information' tab, select 'Revised return under section 139(5)' and choose 'Revised' as the filing type.
- Enter the 'Acknowledgement Number' and the 'Date of Filing' from your original return.
- Proceed to correct the errors and submit the revised return.
Penalties and the Difference Between Revised and Belated Returns
There is no direct penalty for filing a revised ITR. However, if the revision reveals that you owe more tax than originally declared, you will be liable to pay interest on the outstanding amount from the original due date.
It is vital to distinguish between a revised return and a belated return. A revised ITR corrects mistakes in an already filed original return. A belated return is filed when the taxpayer misses the original due date entirely; it is the first and only return for that year. Belated returns attract a late fee penalty ranging from ₹1,000 to ₹5,000, depending on your total income, whereas revised returns do not.
Taxpayers should also be aware that the option to file a revised return is not unlimited. You cannot file a revised return once the assessing officer has completed the assessment of your case under Section 143(3) of the Income Tax Act.
If you have received an SMS or email from the Income Tax Department regarding a held refund, immediate action is required. Review your original ITR filing carefully, identify any discrepancies, and ensure you file a revised return by the specified deadline to resolve the issue and secure your refund.
