Missed Tax Filing Deadline? You Can Amend Your Tax Return Until December 31, 2024
Missed Tax Filing Deadline? You Can Amend Your Tax Return Until December 31, 2024
In New Delhi, the deadline to file Income Tax Returns (ITR) for the fiscal year 2023-24 was July 31, 2024, for individuals not subject to a tax audit. The Income Tax Department reported that by the deadline, over 72.8 million returns had been submitted. After filing, taxpayers often await their refunds. Typically, the refund process takes three to four weeks, but not all taxpayers are eligible for a refund. Refunds are only issued if taxpayers have overpaid their tax liabilities.
The Income Tax Department notifies taxpayers via email about the status of their returns under Section 143(1) of the Income Tax Act. If a taxpayer finds errors or believes the return needs correction, they can file a revised return under Section 154. This can be done through the e-filing portal. It’s crucial to note that revised returns can only be filed for those returns processed by the Centralized Processing Centre.
For those who have already filed their ITR but discover mistakes or omissions after the deadline, there’s no need to worry. A revised return can be filed to correct errors and address any additional taxes owed, including interest. “The Income Tax Department allows you to correct mistakes through a revised ITR, even after the deadline has passed. You can file a revised return by December 31 of the relevant assessment year or before the completion of the assessment, whichever comes first,” explains CA Abhishek Soni of Tax2Win.
It’s important to understand that a revised return can still be filed even if the original ITR has been processed under Section 143(1). This section typically deals with initial processing, while Section 143(3) pertains to detailed scrutiny assessments. “A revised ITR can be filed as per timelines given in Section 139(5) even after receiving an intimation under Section 143(1). However, it cannot be revised after the original ITR has been processed under Section 143(3),” notes Shalini Jain, Tax Partner at EY India.
A revised ITR can only be filed if the original return was processed under Section 143(1). If the return has been picked for scrutiny under Section 143(3), a revised ITR cannot be filed. For returns processed for FY 2023-24, the scrutiny assessment deadline is March 31, 2026. The revised return deadline, however, is December 31, 2024. Therefore, it is unlikely that a scrutiny assessment will be completed by this date.
It is also possible to switch tax regimes when filing a revised ITR. If the original return was filed under the old tax regime, the revised return can be filed under either regime. However, if the initial filing was under the new tax regime, the revised return must also adhere to the new regime. Section 115BAC(1A) mandates that the new tax regime is the default unless explicitly opted out of.
If a revised return results in an increased tax liability, taxpayers must pay the additional amount along with applicable interest.
