Revised Return

What it means

A revised return is a fresh income tax return you file to correct a mistake or omission in a return you have already filed. If you forgot to report interest income, claimed a wrong deduction, picked the wrong ITR form or entered incorrect bank details, the revised return replaces the original one completely. The Income Tax Department then processes the revised return as if it were the only return for that year.

How it works

You file the revised return on the income tax portal by choosing the option “Revised return” and quoting the acknowledgement number and date of the original return. Any extra tax that becomes payable must be paid first as self-assessment tax, with interest.

• Time limit: after the Finance Act, 2026, you can revise up to 31 March of the assessment year, that is, 12 months from the end of the year in which the income was earned, or before the assessment is completed, whichever is earlier.

• Fee: no fee if you revise by 31 December. If you revise after 31 December, a fee of ₹1,000 applies where total income is up to ₹5 lakh, and ₹5,000 where it is above ₹5 lakh.

• A belated return can also be revised within the same time limit.

• You can revise more than once. Each new revision replaces the previous return.

• Every revised return must be e-verified within 30 days, just like the original.

Example

Meera, a salaried employee under the old regime, filed her return for FY 2025-26 on 25 July 2026 showing taxable income of ₹9,20,000. In February 2027 she notices she missed fixed deposit interest of ₹40,000.

• Revised taxable income: ₹9,20,000 + ₹40,000 = ₹9,60,000

• Extra tax at 20%: ₹40,000 x 20% = ₹8,000

• Cess at 4%: ₹8,000 x 4% = ₹320, so extra tax is ₹8,320 plus interest

• She is revising after 31 December and her income is above ₹5 lakh, so a fee of ₹5,000 also applies.

Had she spotted the error by 31 December 2026, she would have saved the ₹5,000 fee. She must pay the tax, interest and fee, then file the revised return by 31 March 2027.

Key points to remember

• Revise early. Filing by 31 December avoids the fee completely.

• A revised return is for genuine mistakes. If the time limit has passed, the route is an updated return (ITR-U), which costs much more.

• Pay any extra tax before filing, or the revised return may be treated as defective.

• Do not forget to e-verify the revised return, otherwise it is treated as not filed.

• Keep the acknowledgement numbers of both the original and revised returns for your records.