Summary of this article
An updated return can be filed within 48 months from the end of the relevant AY (subject to certain conditions).
An updated return can be filed even after the time limit prescribed for filing of revised return have expired along with payment of the additional tax.
In the financial year 2026-27, a taxpayer can file an updated tax return for the assessment years 2022-23, 2023-24, 2024-25 and 2025-26.
Delhi-based Saurabh Verma filed his income tax return (ITR) for the Assessment Year 2023-24 within the due date. In June 2026, he found that he had failed to report some interest income in his tax return. He is now wondering whether he can revise his tax return for AY 2023-24.
As per tax experts, section 139(5) of the Income Tax Act says that if a taxpayer omits or makes any mistake or error in his income return, he can file a revised return of income. Thus, for AY 2023-24 a taxpayer could file a revised return within 9 months from the end of the previous year or before the assessment is completed (whichever is earlier); i.e., till 31st December, 2023. But this date is already over.
“If the assessee is unable to file the revised return within the specified time limit or where there is no omission or mistake in filing the original return, section 139(8A) provides for filing of an updated return, which provides the assessee with more time to file his return of income. An updated return can be filed within 48 months from the end of the relevant AY (subject to certain conditions). An updated return can be filed even after the time limit prescribed for filing of revised return have expired along with payment of the additional tax,” informs CA Naveen Wadhwa, Vice-President, Taxmann.
In the financial year 2026-27, a taxpayer can file an updated tax return for the assessment years 2022-23, 2023-24, 2024-25 and 2025-26.
Who Cannot File An Updated Return?
Any assessee can file an updated return. An updated return shall not be filed in following cases:-
(a) If the revised return is a return showing loss unless it has the effect of reducing the loss shown in the original return or converting the loss into income.
(b) If the filing of the revised return would result in reduction of tax liability.
(c) If the filing of the revised return would result in enhancement of refund.
(d) If search has been initiated against the assessee.
(e) if books of account or any assets, etc. are requisitioned in respect of the assessee;
(f) A survey has been conducted against the assessee;
(g) If documents or assets which have been seized/requisitioned in respect of any person other than the assessee belong to the assessee;
(h) An updated return has already been furnished by the assessee;
(i) Assessment of the assessee is pending or has been completed;
(j) If AO has received information about the assessee from any of the specified Acts;
(k) If AO has received information about the assessee from DTAA or TIEA;
(l) If any prosecution proceedings have been initiated against the assessee or
(m) In case of such person or class of persons as may be notified by CBDT.
Nevertheless, an assessee is allowed to file a revised return in pursuance of notice of income escaping assessment served under Section 148. Where revised return is filed by an assessee in pursuance of the notice served under Section 148, the consequences shall be as follows:
The revised return shall be submitted within such time as is specified in the notice.
The assessee shall not be allowed to file return in pursuance of such notice in any other manner.
The additional tax shall be further increased at a rate of 10 per cent of tax and interest. Therefore, additional tax in this case shall be @ 35 per cent, 60 per cent, 70 per cent and 80 per cent as against the regular additional tax @ 25 per cent, 50 per cent, 60 per cent, and 70 per cent, respectively.
The additional income disclosed in a revised return filed in pursuance of notice served under section 148 shall not be subjected to penalty under Section 270A
