ITR Filing 2024 Deadline Ends: Here’s How to Correct Mistakes in Your Income Tax Return

The deadline for filing Income Tax Returns (ITR) has ended, with over 50 lakh returns submitted on the final day, July 31. Due to the last-minute rush, many taxpayers may have inadvertently made errors in their submissions. It is important to note that regardless of whether you prepared your return yourself or through a Chartered Accountant (CA), you remain responsible for any inaccuracies. If you discover a mistake in your ITR, it is crucial to address it promptly.

The Income Tax Department allows for corrections through a process known as filing a revised return. Taxpayers can correct errors by submitting a revised ITR within the time frame specified by the department. For guidance on how to file a revised return and the deadlines associated with this process, taxpayers are advised to consult the latest regulations provided by the Income Tax Department or seek professional advice.

Taxpayers who filed their Income Tax Returns (ITR) hastily may have made errors, particularly in providing bank account details or claiming refunds incorrectly. Common mistakes include entering incorrect bank account information, giving erroneous details for refunds, or misreporting income from interest. To rectify these errors, affected taxpayers must file a revised ITR. The Income Tax Department allows individuals to correct such mistakes by submitting a revised return.

A Revised Income Tax Return (ITR) allows taxpayers to correct errors in their initially filed returns. The Income Tax Department does not charge any fee for submitting a revised ITR. Additionally, taxpayers who file their returns after the deadline of July 31 can still submit a revised return without incurring any charges. This opportunity to amend mistakes is provided under Section 139(5) of the Income Tax Act.

If a taxpayer has filed their ITR within the deadline but has not yet verified it, there is no need to submit a revised return. Instead, the taxpayer can delete the previously filed ITR and submit a new one. This process will not incur any late fees or penalties.

You can file a revised Income Tax Return (ITR) until December 31. There is no limit on the number of times you can revise your ITR before this deadline. The process is straightforward, and you can easily submit your revised return through the Income Tax Department’s portal.