Income Tax Return Updates: Deadline, Eligibility to File ITR & Other Latest Details

The deadline for filing unaudited income tax returns (ITRs) has ended, but taxpayers who need to modify their return because they used the erroneous ITR form or provided the wrong bank account number, for example, still have that option.

A taxpayer can amend their income tax return in accordance with the revised income tax rules under Section 139(5) of the Income Tax Act of 1961.

Jitendra Solanki, a tax and investment expert registered with SEBI, commented on the new income tax return filing guidelines as follows: "According to Section 139(5) of the Income Tax Act of 1961, a taxpayer is permitted to make changes to their income tax return. This rule states that one may amend their income tax return whether they filed it on time or beyond the deadline."

Regarding the due date or the final day to submit a revised income tax return for the assessment year (AY) 2022–23, Optima Money Managers' founder and CEO, Pankaj Mathpal, stated: "Before three months have passed since the end of the assessment year, an income taxpayer may submit a revised ITR. Therefore, the deadline to file a revised ITR for AY 2022–23 is December 31, 2022." 

He stated that one can access the income tax e-filing site at https://www.incometax.gov.in to submit a revised ITR online.

Important details about the updated ITR file for the tax year 2022–2023 are listed below:

Those who filed an initial tax return on or before July 31, 2022, or on or after that date are eligible to file a revised ITR.

Income tax regulation on the filing of a revised ITR: Section 139(5) of the Income Tax Act permits an income taxpayer to amend their ITR.

The final three months of the assessment year are the deadline for filing a revised income tax return by the taxpayer. Therefore, the deadline to file a revised ITR for AY 2022–23 is December 31, 2022.

The deadline for unaudited ITR filing for AY 2022–23 was July 31, 2022, while the deadline for audited ITR filing for AY 2022–23 was September 30, 2022. ITR filing deadline: December 31, 2022, is the deadline for both initial and updated ITR filings.