Introduction

Revised return is a return which is filed u/s 139(5) as revision for the original return. It is a revision for any omission or mistake made in the filing of that original return. In order to meet the deadline, a person may forget to disclose some income or may make any other mistake like a mistake in 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.

Time Limit

Revised Return of Income Tax can be filed by an assessee any time

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, then he can file a revised return of Income Tax anytime up to 31 March 2018 or before the completion of Assessment, whichever is earlier.

Procedure

The procedure for filing of revised return is same as the filing of a normal return. Additional steps are as follows:

Revised Return

 1. In the column “Return filed”, choose the option of ” 17 – Revised Return – 139(5)“.

2. In the column “Whether original or revised return?”, select “Revised

3. In the column “If under section: 139(5) – revised return:” fill the

  • Original Acknowledgment Number received at the time of filing of original income tax return; and
  • Date of filing of Original Return.

4. Now fill rest of the information same as it was under original return after correcting the mistake or omission.

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 On the filing of the revised return u/s 139(5), the original return filed u/s 139(1) or 139(4) shall be deemed to be withdrawn.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 acknowledgment number received after the filing of original return should have to be with the assessee. It is written in ITR V. Else it can also be obtained from 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 had been filed by the assessee 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 the 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 revised return under section 139(5) is filed disclosing such income, a penalty can be levied in such a case.

For any help on ITR Filing feel free to consult the tax experts at LegalRaasta. You can file ITR yourself via our ITR software or get CA’s help on filing income tax return. You can also use the option of Business Return, Bulk Return or Revised Return Filing.