Revised ITR filing: Is there a penalty for filing revised income tax return

The Income Tax Act, 1961 (henceforth referred to as the “IT Act”) permits taxpayers to submit an updated income return under section 139(5). The taxpayer may file such a return in the following situations:

Any mistake or omission that the taxpayer made while completing their initial income tax return is discovered by the taxpayer. This includes reporting inaccurate income, deductions, bank account information, personal information, and any other information.

The taxpayer acknowledges that, if the same could have been claimed at the time of filing the original return, he or she mistakenly overlooked certain income sources, neglected to include certain deductions or exemptions, or neglected to report and carry forward losses.

The taxpayer discovers that the income on Form 26AS/AIS and the initial income return do not match.

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