Revised Income Tax Return: Eligibility, Deadline, Other Details You Need to Know

Speaking on the rules for filing amended income tax returns, SEBI registered tax and investment expert Jitendra Solanki said, “A taxpayer is allowed to modify any income tax return Under section 139(5) of the Income Tax Act, 1961. Under this rule, those who have filed their ITR on or after the due date are eligible to revise their income tax return.”

On the last date or the last date for filing of Revised Income Tax Return for Assessment Year (AY) 2022-23, Pt_Kaj Mathpal, Founder and CEO, Optima Money Managers said, “An income tax payer must submit a revised income tax return before the completion of three months. ITR can be filed. Assessment year. Therefore, for the year 2022-23, the last date for filing revised ITR is 31st December 2022,” he added, adding that one can file a revised ITR online by logging into the income tax e-filing portal. Can do – https://www.incometax.gov.in.

Here we list down important information regarding Revised ITR filing for AY 2022-23:

1]Eligibility: Those who have filed ITR before or after 31st July 2022 are eligible to file revised ITR.

2]Income Tax Rules on Revised ITR Filing: Section 139(5) of the Income Tax Act allows an income tax payer to revise his income tax return.

3]Deadline for filing Revised ITR: A taxpayer can file a revised income tax return before the completion of three months of the assessment year. Therefore, in case of filing ITR for the year 2022-23, the last date for filing revised ITR is 31st December 2022.

4]Due dates for filing ITR for assessment year 2022-23: The due date for unaudited ITR filing for AY 2022-23 was 31 July 2022 while the due date for audited ITR filing for AY 2022-23 is 31 October 2022.

5]Last date for filing ITR: The last date for ITR filing and revised ITR filing is the same i.e. 31st December 2022.

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