What are revised, belated, and updated Income Tax Returns?

The deadline to file your Income Tax Return (ITR) for AY 2022-23 has passed. However, there are certain situations where you can still file your ITR. Say you’ve filed your ITR but missed reporting a part of your income; here, you can file a revised return. You can file a belated return if you’ve failed to file your ITR. If you want to modify an already-filed return, there is room for that too. Let us take a look at each of the return types in detail. 

Revised Return

If you’ve filed your ITR but committed an error in doing so, you can file a revised return. A revised return can be filed within a specific time limit prescribed by the Income Tax department. Deepak Jain, chief executive, Tax.in said, “This return can be filed three months before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.” The deadline for filing belated returns for AY 2022-23 (FY 2021-22) is the 31st of December. 

You can also change the ITR form when filing a revised return. Yeeshu Sehgal, Head of Tax Markets, AKM Global, a global tax firm, said, “The department can levy no penalty for revising bonafide mistakes. Interest under sections 234B and 234C will be recalculated under every revised return. Before filing the revised return, a taxpayer must ensure that the original return has been verified.” 

Belated Return

When a taxpayer does not file an Income Tax Return within the deadline for the financial year as prescribed by the Income Tax Department but rather after the due date, it is known as a belated return. All returns filed after the 31st of July, 2022 and before the 31st of December, 2022, will come under the category of belated returns. Under Section 234F, you will have to pay a penalty of Rs 5000 for a late return. The figure is Rs 1000 for those having an annual income of less than Rs 5 Lakh. 

Updated Return

If you want to file Income Tax Return for FY 2019-20 / 2020-21, you can do so with the updated return facility. Anyone can file an updated return regardless of whether they have filed an original, a revised, or an overdue return for an FY. However, you have to pay a heavy penalty to file an updated return. The levied fine for FY 2019-20 will amount to 50% of the tax and the interest paid for the AY. The imposed penalty for FY 2020-21 will amount to 25% of the tax and the interest paid for the AY.

For any clarifications/feedback on the topic, please contact the writer at sourabh.dubey@clear.in