A Revised Return is an updated version of your original income tax return filed under Section 139(5) of the Income Tax Act, 1961. It allows taxpayers in India to correct errors or omissions in their originally filed return—whether it's incorrect income details, missed deductions, or inaccurate bank account information.
If you discover any mistake after submitting your Income Tax Return (ITR), the government gives you a chance to rectify it by filing a Revised Return before the completion of the relevant assessment year or before the assessment is completed by the tax authorities—whichever comes first.
For small business owners, salaried individuals, and first-time entrepreneurs, this is a helpful compliance provision. It ensures that accidental errors don't lead to penalties or scrutiny from the Income Tax Department. However, you can only revise your return if the original ITR was filed on or before the due date.
It’s important to note that you can revise a return multiple times within the permitted time frame, as long as it’s done honestly and in good faith. Filing a Revised Return improves transparency and demonstrates your intent to stay compliant with Indian tax laws.
If you're unsure whether you need to file a Revised Return or how to go about it, professional guidance can help you avoid unnecessary stress. You can explore expert support for income tax return filing to ensure timely and accurate submissions.
In summary, a Revised Return gives taxpayers a second chance to get their filings right—supporting accurate reporting, reducing risks of notices, and promoting smooth compliance with Indian tax regulations.