Forgot to include interest on last years income tax refund

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This query is : Resolved

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If you've forgotten to declare interest received on a previous year's income tax refund on your current tax return, don't panic. You can file a revised return under Section 139(5) of the Income Tax Act to correctly declare this interest income. Crucially, you can still offset brought-forward losses in your revised return, just as you did in the original filing.

Priya

Priya (Querist)
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19 August 2024 Hi, I was checking my last year's return (AY 23-24) and realised I had received interest on the amount that the income tax had refunded.

For this year (AY 24-25) I recalled there was a section in Schedule OS: "Interest Gross -> From Income Tax refund"
I left it blank :(

My current ITR (AY 24-25) is not yet processed. What should I do now? I'm a bit scared.

I searched online, and I think I need to file revised return.
In the original return I had offset profit from this year from brought forward loss from last year.
Will I still be able to do that with revised return (since its past due date now)?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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19 August 2024 Yes, you can file revised return u/s. 139(5) IT act, for the addition of interest income.
You can even offset the past losses in the revised return as claimed in original return.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 August 2024 Good Luck.

Priya

Priya (Querist)
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02 September 2024 Thanks for the help.

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