Missed a tax deduction? Don’t panic—you can still fix it! The Income-tax Act allows you to file a revised return under Section 139(5) and claim the deductions you may have overlooked.
A revised return lets you correct errors in your originally filed income tax return, whether it’s a missed deduction, an income reporting mistake, or overlooked TDS credits. Once filed, the revised return replaces your original return, giving you a chance to set things right before it’s too late.
What is a Revised Return?
A revised return is essentially a corrected version of your originally filed tax return. It allows you to update missed deductions, correct income figures, or adjust TDS details. Once filed, the revised return replaces your original return entirely. However, not all cases are eligible. For instance, if your return was filed in response to notices under Sections 142(1), 148, or 153A, you cannot file a revised return.
Who can File a Revised Return?
Any taxpayer who has submitted a return under Section 139(1) (on-time) or Section 139(4) (belated return) can file a revision. This ensures that honest mistakes do not lead to loss of deductions or unnecessary tax payments.
What can be Corrected?
Filing a revised return can help you fix several issues, such as:
- Missing deductions under Sections like 80C, 80D, or 80E
- Income reporting mistakes from salary, business, or capital gains
- Misclassification of income or deductions
- TDS or TCS credit omissions
Essentially, any error that affects your tax liability can be corrected.
Deadlines to Keep in Mind
The revised return must be filed before December 31 of the relevant assessment year or before completion of a scrutiny assessment, whichever comes first. For example, if you are revising your return for Assessment Year 2024–25, the last date is December 31, 2025. Missing this deadline could mean losing the chance to correct your return.
Important Considerations
While revising your return is helpful, there are limits:
- You cannot convert an on-time return into a loss return to carry forward losses
- Certain elections that had to be made in the original return cannot be added later
Don’t Miss Out: How a Revised Return Can Save You Money
Filing a revised return under Section 139(5) is an easy and effective way to correct mistakes, claim any deductions you may have missed, and stay fully compliant with tax laws. Even small oversights can lead to paying more tax than necessary, so taking action promptly is important.
If you’re unsure about the process or want to make sure everything is accurate, consulting a tax professional can provide clarity and help reduce the risk of scrutiny from the tax department.
Review your filed returns today, make the necessary corrections, and ensure you’re not leaving money on the table. Remember, timing matters—don’t wait until the deadline is too close!