ITR Refunds: Your Ultimate Guide to Filing Revised Returns in FY 2022-23

Did you recently file your income tax return in a hurry to not to miss the ITR filing date but later realised you made errors or forgot to include some earnings? Don’t worry! The income tax department allows you to revise your returns even after receiving a tax refund. In this guide, we’ll walk you through the process of correcting your income tax return and ensuring that you stay compliant with the law.

Key Highlights

  • Learn how to revise your income tax return if you made mistakes or omitted income.
  • The ITR filing due date for FY 2022-23 is July 31, but there’s still a chance to correct errors.
  • Discover the process for revising your ITR return, even after receiving a tax refund.
  • File a revised return online under Section 139(5) after the initial return has been processed.
  • Missed the due date for filing? You can still file a belated return by December 31, 2023, with a penalty.
  • Amend your revised return multiple times before December 31, 2023, if needed.
  • You have the option to update your ITR return until the end of 24 months after the assessment year if you have tax payable.
  • E-verify your revised return within 30 days of filing for it to be valid.
  • Be cautious of penalties for late filing of updated returns, increasing over time.
  • Offline filing for paper returns must be followed for both original and revised returns.

Understanding Income Tax Returns

An income tax return is a form that informs the government about your earnings and the taxes you’ve paid during a financial year. It’s essential to accurately report your income and deductions to avoid any complications in the future. The good news is that if you made mistakes in your initial filing or forgot to include certain income, you have the option to revise your return.

ITR Refund Time- Revision Time Frame

According to income tax laws, you can revise your returns up to three months before the end of the assessment year. For example, if the assessment year is 2023-24, you can make revisions until December 31, 2023. So, if you filed your return and received a refund but need to make changes, you still have the opportunity to do so within the given timeframe.

ITR Refund Process- Filing a Revised Return

Even if your initial return has already been processed, you can still file a revised return online under Section 139(5). The introduction of accelerated return processing ensures that your returns are processed quickly. Hence, if you need to make corrections or add any missing information, you are allowed to do so.

Filing Belated Revised Returns

Due to some unforeseen circumstances, in case you miss the ITR filing due date(July 31, 2023), you don’t need to worry. You can still file a belated return by December 31, 2023, with a penalty. Remember, this belated return can also be revised if needed.

Making Corrections in the Revised Return

You can check the official income tax website to check the ITR refund status. However, if you realise that you made mistakes in your revised return, don’t panic. You can amend the revised return as many times as required before December 31, 2023. It’s essential to ensure the accuracy of your return to avoid any future complications.

Updating Returns After Assessment Year-End

If you couldn’t revise the return by the end of the last assessment year, you have the option to update your return. You can do this until the end of 24 months after the assessment year. However, keep in mind that you must have tax payable for this option to be valid.

E-Verification of Revised Returns

When you revise your return, it replaces the original one. Therefore, it’s crucial to e-verify the revised return, just as you did with the original return. Remember to complete the verification process within 30 days of filing.

Penalties for Late Filing of Updated Returns

If you decide to file an updated return after the assessment year has ended, be aware that you may face higher tax penalties. The tax payable increases by 25 per cent if the updated return is filed one year after the end of the assessment year and by 50 percent if filed two years after.

Offline Filing for Paper Returns

For those who filed the original return in paper format (allowed for individuals aged 80 and above), any revised return must also be filed in the same format and cannot be revised online.

Know how to file ITR returns without committing these common mistakes

By following these guidelines, you can easily correct errors or add omitted income to your income tax return, ensuring a smooth and accurate filing process. Remember to stay mindful of the deadlines and keep your financial records up-to-date to avoid any last-minute hassles. Happy filing!



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