We often end up making small mistakes while filing an income tax return (ITR). The tax department has a provision that allows taxpayers to rectify any errors made while filing ITR. Section 139(5) of the Income-Tax Act, 1961 allows taxpayers to rectify their mistakes in their original tax returns by filing a revised return.
One should file a revised ITR on or before the completion of the applicable assessment year. Assessment year is the year immediately following the financial year for which the return is filed.
It may be noted that filing a revised ITR technically means filing a new ITR with the corrections under Section 139(5) of the Income Tax Act. Filing a revised return means filing your return again, but this time with the correct information. When filing a revised return, you need to mention details of the original return.
A revised return is a return that is filed u/s 139(5) as a revision for the original return. It is a revision for any omission or mistake made in the filing of that original return. To meet the deadline, a person may forget to disclose some income or make any other mistake like claiming any deduction.
Return eligible for revision
- The original return filed u/s 139(1).
- The belated return filed u/s 139(4) can also be revised now.
An assessee can file a revised Return of Income Tax at any time
- Before the end of the relevant assessment year; or
- Before completion of the assessment
whichever is earlier.
For example: If an assessee files the return for F.Y. 2016-17 (A.Y. 2017-18) on 8th July 2017. And later on, if he discovers some mistake, he can file a revised return of Income Tax anytime up to 31 March 2018 or before the completion of the assessment, whichever is earlier.
How to file a Revised Income Tax Return?
- Visit the Income Tax website, now login into the Income Tax e-filing portal by entering user ID (PAN) and Captcha code.
- After logging in, you can click on the e-filing menu and then select the 'Income Tax Return' link.
- On the next page, your PAN will be auto-populated. Then select the assessment year, ITR form number, Filing type (original or revised return), and select the submission mode as ‘Prepare and submit online.
- In the online ITR form under the ‘General Information’ tab, choose the ‘return filing section’ as ‘revised return’ under Section 139(5) and ‘return filing’ type as ‘revised’.
- Now enter the acknowledgement Number and Date of filing the original return. (It is compulsory to enter the 15-digit acknowledgement number when filing revised ITR).
- Then fill in or correct relevant details of the online ITR form and then submit the ITR.
- Finally, e-verify the returns for faster processing and a quicker refund.
Provisions for Filing of Revised Return
- Revised return can only be filed only after the submission and verification of the original return. On the filing of the revised return u/s 139(5), the original return filed u/s 139(1) or 139(4) shall be deemed to be withdrawn.
- The acknowledgement number received after the filing of the original return should have to be with the assessee. It is written in ITR V. Else; it can also be obtained from the e-filing portal. After logging into the ITR portal, under the option of “view returns”, the details of all the returns you have submitted electronically would be displayed.
- The revised return should have to be filed in the same mode as the original return was filed. If the original return was filed electronically, you should file the revised return electronically as well.
- The Revised return can be filed either in the same ITR Form in which the original return was filed, or it may be filed in a different ITR Form.
- From F.Y. 2017-18 onwards, Belated Returns filed under section 139(4), which the assessee had filed for any year, can be revised as per section 139(5) if he discovers any omission or any wrong statement therein. The revised return for belated return can be filed at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
- It should be noted that if you have received the refund of Income Tax, that does not mean that your assessment is complete. You can still revise your income tax return even if you have received Income Tax Refund. For income tax refund, intimation under Section 143(1) is sent, which is different from the assessment above.
- Revised return u/s 139 (5) is allowed to be filed only if there was any omission or mistake in the original return, which was unintentional. The benefit cannot be claimed by a person who has fraudulently filed the original return. It will apply only to cases of ‘omission or mistakes’ and not to cases of ‘concealment or false statements. If, at the time of filing the original return, some income was concealed, and a revised return under section 139(5) is filed disclosing such income, a penalty can be levied in such a case.