When it comes to preparing taxes, there is typically a lot of haste. Simply defined, the deadline only brings a little bit of stress. No matter how cautious one is, there is always a probability of making a mistake, no matter how little. But does that indicate that a taxpayer's journey is over? Definitely not.

Taxpayers frequently commit certain typical errors in an effort to file their tax returns by the due date. Common errors include failing to claim any deductions, failing to disclose any sources of income, or disclosing a source of income inaccurately. Individuals frequently supply erroneous bank information when asked for it on tax forms.

If you are aware of any such error, the next logical concern is how to update the first submitted ITR. The good news is that you may make changes to your tax return after filing. Even if you filed a return after the due date, you can still file a revised return.

There is a slight exception, though. If you have not checked the taxes before filing them, it will be simpler to make any changes or revisions afterwards. The income-tax department begins processing your returns as soon as you verify them. So, anyone who has timely submitted their taxes but discovers certain errors may choose to file revised returns.

Although there are no limitations on how often you can update your returns, it is advised that you do so selectively. Your chances of being scrutinized by the income tax department increase as you make more changes.

If you're unsure of how to submit an amended return, the step-by-step instructions that follow will assist you in doing so.

The steps involved in using myITreturn to file a revised return

Often, after an Income-tax return is filed, taxpayers realize that they have made some mistakes in entering data for tax filing. There is nothing much to worry about if you realize that before the Income-tax Department finds it. You can revise/correct your return after it is filed. 

Revised returns can be filed irrespective of the fact whether you have filed an Original return from myITreturn.com or not. Even if you have filed from outside somewhere, you can file a revised return from myITreturn.com for the respective assessment year.

Time Limit to file the Revised Return:

The time limit to file a revised return for the FY 2023-24 (AY 2024-25) is 31st December 2024.

Revise your return using myITreturn:

You can revise your Income-tax return using myITreturn.
Even if you have not filed the original income tax return using myITreturn, you can use our website to file the Revised Return.

STEP 1:

Register on myITreturn if not already registered or login if already registered.
Once you log in, select the Financial Year and click on "If you wish to revise your return, click here" The Revised Return link is shown on the below-mentioned page if you had filed the Original return using myITreturn. 

If you have not filed the Original return using myITreturn, simply select the relevant Financial Year as marked in the below image and start entering your revised income details.

STEP 2:

Please make the necessary modifications using the tabs that are highlighted after clicking on the Revise Return button.

STEP 3:

After the required changes are made, click on the option “Summary” to check your Tax summary.

Review the Tax summary once and if there is any Tax payable, pay the same and update it under the “Tax Paid” tab. Click here to learn how to pay the Self Assessment Tax.

STEP 4:

Once you have reviewed your return, you need to “e-file” the Revised Return.

STEP 5:

You will see the Acknowledgment Number and date of filing of the Original Return if you filed your Original return using myITreturn. If you have not filed your Original Return using myITreturn, then you will have to manually enter the E-filing Acknowledgement Number and Date of filing of the Original Return.

Once the above-mentioned details are entered, you need to pay the filing fees and file your return. After the revised return is filed you will have to e-verify your income tax return.

Conclusion

It is crucial to stick to the deadlines provided to make the most of all the features and facilities. Yet at times, due to some unforeseen events, one might miss out on filing their returns on time. Filing your returns after the deadline usually gets the tag of belated returns. And yes, you can revise the belated return. 

FAQs

1. Can we revise the return after the assessment?
   For taxpayers who file their returns online, it is recommended to verify the ITR only after the second round of thorough checks. Though you can revise the return after assessment, it is not that straightforward and needs some help. You can reach out to myITreturn and we will aid you in the same.
   
   
2. Can I see the difference in liable tax before filing a revised return?
   Yes. Once you log in to myITreturn and proceed with a revision, before filing the return you can see a quick summary. This allows you to take a closer look at the modified or updated taxes before filing.

In case of any further queries do drop a mail to us at support@myITreturn.com