Revised and Updated Returns: How to Correct a Filed ITR

Forgot to report interest income, missed a deduction, or chose the wrong ITR form? You have two ways to fix a filed return: a revised return and an updated return (ITR-U). From 2026, the revised return window is longer, which gives taxpayers more time to correct mistakes at low cost.

Revised return

What it is: a replacement for your original (or belated) return, filed to correct any omission or wrong statement.

Time limit, as extended by the Finance Act, 2026: within 12 months from the end of the tax year, previously 9 months, or before the assessment is completed, whichever is earlier.

• For FY 2025-26 (AY 2026-27): up to 31 March 2027.
• Fee: if you revise after 31 December, a fee of ₹5,000 applies, or ₹1,000 if total income is below ₹5 lakh.

What a revised return can do:

• add income you missed
• claim deductions or exemptions you forgot. This can also increase your refund
• correct bank details, personal information or the ITR form
• can be filed more than once. The latest one counts

Under the 1961 Act this was section 139(5). It is reported to be section 263(5) of the 2025 Act.

Updated return (ITR-U)

What it is: a way to report additional income after the revised-return window has closed. You pay extra tax for the delay.

Time limit: up to 48 months from the end of the relevant assessment year.

Additional tax (on top of the tax and interest due):

An updated return CANNOT be used to:

• reduce your tax or increase a refund
• file a return showing a loss (although the Finance Act, 2026 allows an updated return that reduces a loss claimed earlier)
• correct a year where a search, survey or assessment has started or been completed
• deal with a case where a notice has already been issued for that year (with some exceptions)

Why use it? It gives you immunity from penalties for under-reporting, as long as the additional tax is paid. Voluntary correction is far cheaper than a notice followed by a penalty of 50%–200%.

Which one should you use?

Steps to file

1. Log in to the e-filing portal and choose Income Tax Return.
2. For a revised return, select “Revised” under section 139(5) / 263(5) and quote the acknowledgement number and date of the original return.
3. For an updated return, choose ITR-U, select the reason, pay the tax, interest and additional tax first, then file.
4. E-verify within 30 days.

Frequently asked questions

Can I revise a belated return?
Yes. Belated returns can be revised within the same time limit.

I received a defective return notice. Is that the same as revising?
No. A defective return notice asks you to fix the return within the time it allows (usually 15 days). It is a separate process.

Is there a limit on how many times I can revise?
There is no fixed number, but each revision must be within the time limit. A revision after 31 December now attracts a fee.

I forgot to report FD interest from 2023-24. What should I do?
The revised-return window for that year has closed, so you can file an updated return with additional tax, as long as no notice or assessment has started for that year.

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Need to correct a return? Garvita Jain & Co. prepares revised and updated returns, reconciles your AIS and responds to mismatch notices. Contact us here, or at contact@garvitajainandco.com or +91 98678 16597.

This article is general information based on the law as of October 2026 and is not professional advice.

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Sources

Official

• Income Tax e-filing portal (revised and updated returns)

Professional / CA publications

• Business Today, ITR filing rules revamped from 1 April 2026 (revised return 12 months, fee)
• Patron Accounting, Revised return deadline extended to 31 March
• Tax2win, ITR-U updated return: last date and eligibility
• TaxGarden, Belated, revised and updated ITR guide AY 2026-27
• CAclubindia, Updated returns: a compliance opportunity or a costly mistake?