The last date for filing Income Tax Return (ITR) for the financial year 2021-22 was 31 July 2022. This time the due date for filing ITR was not extended. Hence, there are chances that many taxpayers must have made some mistakes in filing ITR.
Mistakes in ITR filing can range from quoting wrong bank account number to wrongly declaring income to claiming wrong deduction. If you have also made any mistake in this, then definitely know how to fix it, so that you do not have any problem.
Who can fill?
Revised ITR is filed in case there are some mistakes left in your ITR. That is, if you have made some mistakes during ITR, then you can rectify them through this. Revised return is filed under section 139(5) of Income Tax. Revised ITR can be filed only by a person who has filed his ITR for the financial year 2022-23 by 31 July 2022. If someone has filed his ITR on 1st August 2022, then he cannot revise his ITR.
Last date for filing Revised ITR
The Center had made an announcement in the Union Budget 2021 that it has reduced the time for filing Revised ITR by three months. Till FY 2019-20, an individual was allowed to file ITR till March 31 of the respective assessment year. However, the last date for filing Revised ITR from FY 2020-21 is December 31 of the respective assessment year. Hence, the last date for filing Revised ITR for FY 2021-22 (AY 2022-23) is December 31, 2022.
Do you understand it?
Please note that you can revise your return any number of times. After the revised return, the original return loses its value. That is, if you have filed a tax liability of 10 lakhs in your first return and 8 lakhs in the revised, then only the return of 8 lakhs will be valid.
On the other hand, if you have shown tax liability of 10 lakhs in your old ITR and in Revised you are showing tax liability of 15 lakhs, then you will have to pay tax of 5 lakhs first, only then you will be able to revise your ITR . For information, let us tell you that this payment will be on the basis of self-assessment year only, as you did in your original ITR.
