Answer

ITR

Revised return that increases tax

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  1. Facts

    Any extra tax, with interest under Sec 234A, 234B and 234C where applicable, must be paid as self-assessment tax before filing the revised return.

  2. Provisions and law

    • Sec 139(5), Income-tax Act 1961 (now Sec 263(5), Income-tax Act 2025)Revised return can be filed if an omission or wrong statement is found, by 31 March of the assessment year (Finance Act 2026) or before assessment
    • Sec 234B, Income-tax Act 1961 (now Sec 424, Income-tax Act 2025)Interest at 1% a month if advance tax paid is below 90% of assessed tax
    • Sec 234C, Income-tax Act 1961 (now Sec 425, Income-tax Act 2025)Interest at 1% a month for short or late advance tax instalments

  3. Analysis

    Example: revision adds ₹1 lakh of freelance income, tax up by ₹31,200. Interest under Sec 234B (now Sec 424) runs from 1 April 2026 to the payment month on the shortfall of advance tax. Pay the tax and interest, enter the challan in the return and then file. Filing with tax unpaid makes the revised return defective.

  4. Conclusion

    1. Recompute total tax
    2. Let the utility compute interest
    3. Pay as self-assessment tax
    4. Enter the challan details
    5. File the revised return and e-verify

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Belated and revised return, Sec 263(4) and 263(5) (old 139(4) and 139(5))

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