To file your Income Tax Return (ITR) in a correct and proper manner and also on time is one of the most important and good financial responsibilities of every taxpayer in India. However, it’s quite common for individuals to either miss the prescribed deadline or find mistakes and difficulties in their originally filed returns. Thankfully, the Income Tax Act provides remedies in the form of belated returns and revised returns.
This blog explains the concepts of revised and belated returns, their filing process, eligibility, consequences, and some practical tips to avoid errors.
Understanding Income Tax Returns (ITR)
An Income Tax Return (ITR) is a form that taxpayers in India must file with the Income Tax Department. It contains details about income earned, deductions claimed, and taxes paid in a financial year. Filing an accurate ITR is important because:
- It helps calculate the actual tax liability.
- It serves as legal proof of income for loans, visas or financial planning.
- Ensures compliance and also helps to avoid penalties.
But what if you miss the due date or file with mistakes? This is where belated and revised returns come in.
What is a Belated Return?
A belated return is filed when a taxpayer misses the original deadline to file their ITR.
- Due date for filing ITR: Generally, it is July 31 of the assessment year, unless it is extended by the government.
- If you fail to file the ITR within this timeline, then you can still file a belated return.
Key Points about Belated Returns:
- It can be filed before the date of 31st December of the assessment year, for FY 2024-25, the last date is 31st December 2025.
- Late filing fee under Section 234F applies:
- ₹5,000 if filed after due date but before December 31st.
- ₹1,000 if your total income is below ₹5 lakh.
- Interest under Section 234A and 234B may also apply if there’s tax due.
- You may lose certain benefits, like carrying forward some losses.
What is a Revised Return?
A revised return is filed when you realize that there was an error or omission in your original ITR. In such cases, you need to submit a revised return to correct the mistakes and provide accurate details.
When can you file a revised return?
- If you made a mistake in the process of reporting your income, deductions or taxes paid.
- If you forgot to claim your eligible exemptions.
- If you mistakenly provided incorrect and inaccurate personal details, such as PAN or bank account number, and other details of like nature.
Timeline
- A revised return can be filed up to the date of 31st December of the assessment year or completion of the assessment, whichever is earlier.
Difference Between Belated and Revised Return
| Feature | Belated Return | Revised Return |
| Meaning | Filed after due date but before 31st December of the assessment year | Filed to correct mistakes in the original/belated return |
| Purpose | To comply after missing the deadline | To rectify errors |
| Deadline | 31st Dec of assessment year | 31st Dec of assessment year or completion of the assessment |
| Penalty | Late fee and interest apply | No penalty if filed before deadline |
| Loss Set-off | Cannot carry forward most losses (except house property loss) | Allowed (if original return was on time) |
How to File a Belated or Revised Return?
The process for filing belated and revised returns is almost the same, with only a few changes in selection.
Step-by-Step Filing Process
1. Visit the Income Tax Portal
Go to www.incometax.gov.in.
2. Login with Credentials
Use your PAN (as user ID), password, and captcha.
3. Select ‘File Income Tax Return’
Choose the assessment year (e.g., AY 2025-26 for FY 2024-25).
4. Choose Filing Type
- If filing after the due date, select ‘Belated Return’.
- If correcting a previous return, select ‘Revised Return’.
5. Fill the ITR Form
Enter income details, deductions (under Chapter VI-A), taxes paid, etc.
6. Provide Original Acknowledgement Number
For revised returns, you must enter the acknowledgement number and date of the original ITR filed.
7. Verification
Verify the return using one of the following:
- Aadhaar OTP
- Net banking
- Demat account
- Bank account
- Sending signed ITR-V to CPC, Bengaluru.
8. Acknowledgement Receipt
After successful filing, you will receive an acknowledgement (ITR-V). Keep it safe.
Consequences of Filing Belated Returns
While belated returns allow taxpayers to comply, they come with drawbacks:
- Late Fees & Interest: As mentioned, penalties under Section 234F and interest on tax dues apply.
- Loss of Carry Forward Benefits: Except for the house property loss, other losses like capital loss cannot be carried forward.
- Refund Delays: Refunds may take longer to process.
- Compliance Risks: Repeated delay in the process of filing may affect the credibility and reliability with financial institutions.
Benefits of Filing Revised Returns
- Correction of Errors: Rectify the wrong entries or the missed incomes/deductions.
- Avoiding Penalties: It helps to prevent the penal consequences of incorrect information and data.
- Maximizing Refunds: It helps to ensure all eligible deductions and various exemptions are claimed.
- Legal Protection: Shows the honest intent of compliance if questioned later.
Documents Required
To file belated or revised returns, keep the following handy:
- PAN and Aadhaar details
- Form 16 / Salary slips
- Form 26AS (tax credit statement)
- AIS (Annual Information Statement)
- TDS certificates
- Bank account details
- Investment proofs, such as LIC, PPF, ELSS, etc.
- Original ITR acknowledgement for the purpose of revised returns
Conclusion
Filing income tax returns on time and in the proper manner is crucial for every taxpayer to ensure compliance. While missing deadlines or making mistakes is very common, the Income Tax Act provides various remedies through which belated and revised returns can be filed.
- Belated returns let you file after the due date, though with penalties and restrictions.
- The revised returns provide you with a good chance to correct your errors and defects and to ensure accurate compliance.
By being well-informed about all of these required provisions, keeping all the documents ready in the prescribed manner and filing within the prescribed timelines, you can easily avoid the penalties, claim your rightful deductions and maintain a clean financial record and other like-nature benefits.
