Eligibility to File Revised Return

• A revised return can be filed if the original return had any omission or wrong statement.
  
• It is allowed under section 139(5) of the Income-tax Act, 1961.
  
• The original return must have been filed within the due date under section 139(1).
  
• Both voluntary and clerical errors are eligible for revision.
  
• Corporate taxpayers using Form ITR-6 can also file revised returns.
  

Time Limit for Filing

• A revised return can be filed up to 3 months before the end of the relevant assessment year.
  
• Alternatively, it can be filed before completion of the assessment, whichever is earlier.
  
• For Assessment Year 2024–25, the last date is December 31, 2025.
  
• This time frame applies uniformly to individuals, firms, and companies.
  
• Timely filing ensures acceptance and processing of corrections.
  

Method of Filing Revised Return

• The revised return must be filed electronically using the same form as the original.
  
• Digital Signature Certificate is mandatory for corporate returns.
  
• The option “Revised Return” must be selected while filing.
  
• Original acknowledgment number and date must be quoted in the revised return.
  
• All corrected data must be updated, and a fresh computation of income should be attached.
  

Consequences and Considerations

• Filing a revised return replaces the original return entirely.
  
• It does not remove penalties or interest if the original return was filed late.
  
• If multiple revised returns are filed, the latest one is considered final.
  
• Errors corrected through a revised return reduce chances of scrutiny.
  
• Revised returns are subject to the same verification and assessment process.
  

Documentation and Recordkeeping

• Maintain a copy of both original and revised return filings.
  
• Keep supporting documents for all changes made.
  
• Audit reports may need to be updated if revisions affect key disclosures.
  
• Ensure correct filing acknowledgment is downloaded for records.
  
• Revised data should align with books of accounts and statutory filings.