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Revised Return U/S 139(5) of The Income Tax Act-

Some times after filing the Income Tax return on time we notice some mistakes are committed like entering wrong address or misiing to claim some deductions or entering wrong details of TDS etc.. Some mistakes may be overlooked but there are many mistakes which need to be rectified. As a solution to this Income Tax Act have a concept of Revised Return.

When we have filed the original Income Tax return with in time, and later we discover some errors committed in our original return, we can file a revised return with rectified information. A revised return is filed U/s 139(5) of the Income Tax Act. Lets acquaint ourselves more about Revised Return under Income Tax.

Time limit for filing Revised Return:

From Assessment Year 2018-19 a Revised return can be filed
  • Till the end of the relevant assessment year ie. within 12 months from the end of the financial year.
  • Before the completion of assessment, whichever is earlier.
For Example

Revised Return for an original return filed for the financial year 2017-18 (assessment year 2018-19) can be revised till the end of relevant assessment year ie. 31st March 2019

Revised Return time limit till Assessment Year 2017-18

Till Assessment Year 2017-18 a Revised return can be filed:
  • within one year from the end of the relevant assessment year (For Assessment Year 2017-18 revised return can be filed till 31st March 2019)
  • Before the completion of assessment, whichever is earlier.

Important Points about Revised Income Tax Return:

  • Original Return must have been filed in time: Only a return which was originaly filed with in the due date can be revised. So to rectify the mistakes by filing a revised return; original return of the concerned financial year must have been filed with in time limit. A belated return can not be revised.
  • Revise Return any number of Times: There is no restriction as to how many times a return can be revised. Once we file a revised return and again realise some mistake/omission, we can file a revised return again. A return originally filed on time, can be revised any number of times. One important thing to note here is that a return which is revised a number of times can be at the risk of being selected for scrutiny by the IT people.
  • Acknowledgement Number of Original Return: To file a revised return, aknowledgement number and date of filing of the original return is required to be filled. 
  • No penal interest if no taxes due: As all tax dues are already settled while filing the original return, there will be no penal interest for filing revised return. But if tax dues are not fully paid off,penal interest @1% per month for late payment of income tax will be applicable.
  • The original return is substituted with revised return: When we file a revised return of Income tax, original return is substituted by the revised return. Final assessment of Income will now be on the basis of Revised return.
  • Mistakes that can be corrected by revising the return: We can correct almost any mistake by filing a revised return, that was committed in the original return filed with in due date. Following list illustrates the mistakes that can be rectified by filing a revised return of Income Tax U/s 139(5) of the Income Tax Act:
    • Correction in some basic informations like address, gender, bank details etc. can be done by filing a revised return.

    • Missed to include some income (interest income, rental income etc.) can file a revised return. However any intentional concealment of income is liable to penalty.

    • Missed to claim some deduction of Section 80C (for PPF. PF. Life insurance etc.), 80D (mediclaim insurance), 80E(interest on education loan) or 80G(for doantions to approved charitable institutions), you can revise your return to claim it.

    • Mistakes in TDS details/tax payment details can be corrected by filing a revised return.
  • Both the ITR-Vs, of Original and of Revised return must be sent to CPC Bangalore: Both original as well as revised return must be e-verified or ITR V of original return as well as of revised return must be sent to CPC Bangalore.
Many people feel that when return is revised, only revised return need to be e-verified or ITR V be sent to CPC, but this is not the case. Unless original return is e-verified or ITR V is received by CPC, its filing will not be complete. So make sure to e verify both the returns or send ITR Vs of both the returns to CPC Bangalore.

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Missed deadline! File a belated Return U/s 139(4)

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