income tax return
These days the Income Tax Department is alerting many taxpayers by sending SMS and emails. It is being told in these messages that some errors or mismatches have been found in his Income Tax Return (ITR), due to which his refund has been stopped for the time being. Such taxpayers have been asked to make necessary corrections and file the correct return again by December 31, 2025.
It becomes difficult for many people to understand whether they should file revised ITR or billed ITR. Both are different and choosing the wrong option can also result in a fine.
What is revised ITR?
When a taxpayer files his ITR on time, but later he realizes that there is a mistake in it, then in such a situation a revised ITR is filed. This mistake can be income related, like forgetting to add any income, claiming wrong deduction, wrong calculation or choosing the wrong ITR form.
Income tax law gives an opportunity to taxpayers to correct their mistakes. The good thing is that there is no penalty for filing revised ITR within the stipulated time limit. With this, the refund amount is also processed correctly.
What is belated ITR?
Belated ITR is for those people who could not file their ITR by the due date. Generally, the last date for filing ITR for individual taxpayers is July 31. If someone misses this date, he can file belated ITR later.
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However, you may have to pay late fees and interest for filing belated ITR. Additionally, some tax benefits also go away, such as the facility to set off business losses in future years.
Why is the date of 31st December important?
The last date to file revised ITR for assessment year 202526 is 31 December 2025. If correction is not made by this date, then after January 1, 2026, only the option of updated return will be left, in which additional tax may have to be paid. This is the reason why the tax department is giving people a chance to correct their mistakes in time, so that they do not have to bear heavy tax burden later.