A revised return replaces an income tax return you already filed, correcting mistakes or omissions discovered later. For FY 2026-27 you can revise up to 31 March 2027. The revised return fully substitutes the original — the department processes only the latest version — and you can revise a belated return too.
Filing is straightforward: prepare the corrected return on the portal, mark it as revised, and quote the acknowledgement number and date of the original. There is no separate fee for revising, though if the correction increases your tax, interest applies on the shortfall from the original due date. You can revise more than once within the window, but every revision is a fresh full return, not a patch.
Typical MSME triggers: a TDS credit that appeared in 26AS after you filed, a forgotten bank account's interest showing in the AIS, a misreported turnover figure, or a deduction claimed under the wrong head. If the portal has flagged your return as defective under the old 139(9)-type process, that follows its own correction route — respond to the defect notice rather than simply filing a revision and hoping.
The deadline is the trap. Once 31 March 2027 passes for FY 2026-27, revision closes, and your only route to fix under-reported income is the updated return (ITR-U) with additional tax — and ITR-U cannot be used to reduce income or increase a refund. So if you have spotted an error in your favour, revise before the window shuts; there is no later fix for that direction.
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Reviewed to the law in force in FY 2026-27. General information, not advice — confirm the position for your facts before acting.