The last date for filing revised ITR for this assessment year is December 31, 2023. Those who have to file their revised ITR now, should do so.
If there is any discrepancy in your income tax return and you have to file your revised ITR, then the date of December 31 is important for you. The last date for filing revised ITR for this assessment year is December 31, 2023. Those who have to file their revised ITR now, should do so. Income Tax Department is also sending messages to such taxpayers to revise ITR.
It is known that most of the people who have done high value transactions for 2022-2023 are getting the message to fill the revised ITR. Taxpayers can respond by re-checking the AIS form. Income tax return will not be revised after December 31.
Why to fill revised ITR?
If you have made a mistake in filling ITR, then you will have to file revised ITR. You will have to file this ITR under Section 139(5) of the Income Tax Act. Apart from the error, another reason is that suppose you had filed ITR before July, but there has been a change in your calculated tax for this assessment year, or TDS etc. has been adjusted, due to which your AIS i.e. Annual Change will be visible in the information status. Due to this also you may have to fill revised ITR.
Will I have to pay a fine also?
No charge or penalty is imposed by the Income Tax Department on filing revised ITR. However, if you make any change in your income and show additional income while filing revised ITR, then you will have to pay additional tax on it. In such a case, you may also be charged a fine and interest on the outstanding amount.
For your general information, let us tell you that after filing ITR for an assessment year, you can file revised ITR as many times as you want before the last date of filing revised ITR i.e. 31st December. However, you should avoid revising it too often, as this may put you under scrutiny. In such a situation, currently you have a chance till 31st December to update your return and file Revised ITR.
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