The government has extended the last date for filing ITR for the financial year 2024-25 (Assessment Year 2025-26) to 15 September, but postponing it to the last time can make mistakes.
Those who especially file returns using ITR-1 and ITR-4 form should complete this work as soon as possible, as online Excel Utilities have been released some time ago. If you see mistakes like missing some sources of income in your ITR form, you can modify them.
Later modify your returns to avoid notice.
These mistakes can be serious – hiding some sources of income – from small mistakes such as entering the details of bank account. If you find out the mistake in time, then you can amend the return before the date of filing late returns, 31 December.
Some common mistakes are as follows:
– wrong selection of ITR form
– Errors in personal information
– wrong details of bank account
– not to declare all income
– Do not claim additional taxes
– Claiming cuttings without documentary proof
If you see any mistake, especially if you have forgotten to tell ESOPs, etc. from any income – such as foreign banks or pension accounts, multinational companies, then you have to file a revised return to avoid income tax notice.
Foreign income or assets will not be announced under non -announcement of black money (undeclared foreign income and property) and Tax Administration Act, 2015, although there will be no penalty for not disclosing foreign assets worth less than Rs 20 lakh after amendment to Budget 2024.
ALSO READ: Filing Income Tax Returns: ITR Form notified for fixation year 2025-26 – Look at major changes
How to modify returns
To modify your returns, log on to the e-filing portal. Go to ‘E-File’, click on ‘Income Tax Returns’, select the assessment year and click on ‘Revised Returns under Section 139 (5)’. When modifying the returns, make sure you mention the acknowledgment number of the original returns.
If you have filed your return offline in the format of paper, which is allowed to be very senior citizens or people aged 80 years or more, then the amendment cannot be made online. They have to use papers to modify the returns.
You have to modify your returns three months before the end of the respective assessment year or before the completion of the assessment. Therefore, for the assessment year 2025-26, the last date for filing revised returns is December 31, 2025.
It is also the last date for filing delayed returns. You can also modify delayed returns. There is no limit to how many times you can modify your return. And you will not have to pay any additional fee or fine to modify the returns. You can revise the returns even after the refund is processed.
Like the original returns, be sure to verify the revised returns within 30 days of online deposit.
Also read: File ITR? Four main things to take into account salaried taxpayers
Update returns
Some taxpayers may miss amending their returns by 31 December. They still have the option to update their ITRs.
Finance Act 2025-26 has increased the limit of filing updated returns from 24 months to 48 months at the end of the concerned assessment year. Taxpayers who want to improve their original or delayed returns can use this feature by presenting details in Form ITR-U.
Section 139 (8A) of the Income Tax Act presented in Budget 2023 allows taxpayers to file updated returns, whether the person has filed original, delayed or revised returns.
The condition is that your tax liability should be – that is, if you have some arrears of the Income Tax Department. For example, you can file updated returns to declare additional income and pay tax, but not to claim loss or increased refund. While filing the update returns, you have to pay a fine on the payable.
