Income Tax Return Revision for AY 2023-24: Who should file a revised ITR?

In case the taxpayer has omitted some information or made an error, he or she must file a revised ITR and report information accurately. The Income Tax Act, 1961 allows taxpayers to file a revised return of income. Such return may be filed by the taxpayer under the following circumstances:

• The taxpayer discovers any error or omission made by them while filing their original income tax return, such as reporting incorrect income, deductions, bank details, personal information, or any other information.

• The taxpayer realizes that he/she inadvertently omitted certain income sources or failed to include certain deductions or exemptions or missed to report and carry forward losses in his original return provided the same could have been claimed at the time of furnishing the original return.

• The taxpayer notices that there is a mismatch in income between the original return of income and Form 26AS/AIS.

A revised ITR should be filed in the following situations:

• Correcting errors or omissions in the original ITR filed
• Reporting additional income that was missed in the original ITR.
• Including additional deductions or exemptions not claimed initially.
• Receiving revised Form 16 or TDS certificates reflecting updated information.
• Changes in tax filing status (, non-resident status, etc.).
• Receiving a notice from the Income Tax Department to file a revised ITR.