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ITR refund: Can you file a revised return after getting a refund?

Did you forget to mention any earnings during the financial year 2022-23 in the income tax return filed? Have you made any mistake in the tax return that you want to correct? You can use the facility of revision of income tax return.

The income tax return is nothing but a form that helps you tell the government about the money you earned during a financial year and the tax that you have paid during or at the end of the year towards your income. You can file your return through the income-tax website

As per income tax laws, returns can be revised within three months before the end of the assessment year. This assessment year 2023-24 ends on March 31, 2024. Hence, you can revise the returns filed now up to December 31, 2023.

Can I revise returns after processing?

Yes, even if your return has been processed. Revised return can be filed online under Section 139(5) up to 31st Dec'23.

Unless e-verified, your revised return is useless

While the I-T department allows you to correct mistakes at many stages, there are some precautions that you need to take.Since the revised return replaces the original one, it is necessary to e-verify the revised return too, as was the case with the original return. Income tax returns need to be verified within 30 days of filing.

Apart from the interest on non-paid advance tax and self-assessment tax, there is no other penalty levied for revising a return.

To be sure, if the original return has been filed in the paper format (permitted for 80 years old and above), then the revised return too will have to be filed in the same format and cannot be revised online.

Can I revise the return if I didn’t file it by the due date?

Yes, even if you forget to file a tax return by the due date of July 31, 2023, you are still permitted to file a belated return. Belated returns can be filed by December 31, 2023 too by paying a penalty of Rs 1,000 (for income between Rs 2.5 lakh and Rs 5 lakh) and Rs 5,000 (income above Rs 5 lakh).

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