1 week ago
Wrong ITR Form: File Revised Return or Discard Unverified Filing?
Some people file the wrong income-tax form because they overlook income from side work, trading or partnerships.
This can happen even when their main income is a salary.
Income from futures and options, or F&O, generally requires ITR-3.
ITR-4 is available only to people who qualify for a special presumptive-tax system.
If the wrong return has already been verified, the taxpayer should not file a new original return.
Instead, they should file a revised return using the correct form.
If the earlier return has not been verified, it may be discarded on the tax portal under certain conditions.
The taxpayer should check records, calculate income correctly and pay any extra tax and interest.
The revised return must also be verified within 30 days.
Freelancing, commission, side-business, intraday, F&O and partnership income can require ITR-3 or ITR-4.
ITR-4 applies only when taxpayers choose and qualify for presumptive taxation under Sections 44AD, 44ADA or 44AE, subject to conditions including the ₹50 lakh income limit.
Taxpayers who have e-verified an incorrect ITR-1 or ITR-2 should not submit a fresh original return.
An unverified return may be discarded on the portal if its status is “Unverified” or “Pending for verification” and ITR-V has not been sent to CPC.
A revised ITR-3 or ITR-4 can be filed by 31 March 2027 or before assessment completion, whichever comes first, with complete income details and applicable tax and interest paid.
- Who
- Taxpayers, including salaried individuals, who filed ITR-1 or ITR-2 despite having income requiring ITR-3 or ITR-4.
- What
- Guidance on correcting an incorrectly filed income-tax return for AY 2026-27.
- Where
- Through the income-tax e-filing portal, with verification through the prescribed process.
- When
- The ITR-3 and ITR-4 deadline is 31 August; a revised return may be filed by 31 March 2027 or before completion of assessment, whichever is earlier.
- Why
- To report all income in the correct form and address issues such as carrying forward business or F&O losses or choosing the old tax regime.
Key facts
- Assessment year
- AY 2026-27
- Relevant forms
- ITR-3 and ITR-4 may be required for specified business, professional, trading or partnership income.
- Correct-form deadline
- 31 August
- Discard option
- Available for returns marked “Unverified” or “Pending for verification” when ITR-V has not been sent to CPC.
- Revised-return deadline
- 31 March 2027 or before completion of assessment, whichever is earlier.
- Presumptive-tax sections
- Sections 44AD, 44ADA and 44AE
- Verification period
- The revised return must be verified within 30 days.
Quotes
Siddharth Maurya
Founder and Managing Director of Vibhavangal Anukulkara
“If a taxpayer has already e-verified an incorrect ITR-1 or ITR-2, then the taxpayer should not file a new original return.”
livemint.com
“The utilities for AY 2026-27 for ITR-3 and ITR-4 are available, and taxpayers are able to file these forms.”
livemint.com
