Filing Revised Income Tax Return Under Section 139(5)

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March 3, 2021

Filing Revised Income Tax Return Under Section 139(5)

Understand revised returns and know when and how to file e- returns. Simple tips that will help you make the filing process easier and accurate.

What is Revised income tax returns under Section 139 (5)?

Section 139 (5) of the Income Tax Act, 1961 allows taxpayers to file a revised income tax return if they have made mistakes in the returns which was filed earlier. Such mistakes can be due to the following reasons –

  • Wrong bank details
  • Incorrect personal information
  • Use of a wrong income tax return form
  • Mismatch of income between the income tax return and Form 26AS
  • Error in mentioning the residential status
  • Unintentional omission of recording foreign income or foreign assets, etc.

In these and other cases of mistakes committed by the tax-payer, the facility of a revised income tax return is allowed by the Income Tax Act. When the taxpayer corrects the errors and refiles his income tax return, it is called a revised income tax return.

Who can file a revised income tax return?

Any taxpayer who has already filed his/her income tax returns can revise and refile an income tax return. Even if the return is filed after the due date, which is called a belated income tax return, a revised income tax return can be filed on such belated returns.

When to file a revised income tax return?

There is a time duration within which the revised income tax return should be filed. This duration is earlier of the following –

  • Completion of the relevant assessment year
  • Completion of assessment

So, for the financial year 2019-20, if you have to file a revised income tax return, the revised return should be filed either before completion of assessment or before 31st March 2021, whichever is earlier.

Note: Prior to FY 2017-18 (AY 2018-19), revised return could be filed till; before the expiry of 1 year from the end of relevant AY.
This means, revised return for AY 2017-18 (FY 2016-17) can be filed till earlier of 31st March, 2019 or completion of assessment.

What are the consequences of filing a revised return?

Ans – If there are minor changes in your revised return like change of bank account details, personal details, etc. there would be no consequences of filing a revised return. However, in case of undeclared income or other important rectification done on the revised return, the tax department might pick up the change and the tax filed in the earlier return might be taken up for scrutiny.

Things to keep in mind when filing a revised income tax return.

If you are filing a revised income tax return, here are the things which you should remember –

  • A revised income tax return would substitute the original income tax return completely. Thus, once the revised return is filed, it would be considered to be the final income tax return of the taxpayer.
  • If your income tax return has been processed and you have availed a refund, a revised return can be filed if it is filed within the specified due date.
  • If the ITR form has to be changed, a revised return can be filed.
  • You can file a revised tax return as many times as you want as there is no limit to the number of times of filing the return.
  • If the assessment of your income tax return is completed by the assessing officer under the provisions of Section 143-(3) of the Income Tax Act, 1961, a revised return cannot be filed.

No penalty or charge is levied by the income tax department if you file a revised income tax return. So, if you have made mistakes in filing your income tax return given the technicalities involved, don’t be afraid. You can file a revised return and correct any errors which you have done. If you don’t file a revised return and there are any mistakes, the income tax department would issue you a notice stating your mistakes. If you are eligible for any income tax refund, the refund would not be allowed till a revised return is filed. So, revise your income tax returns if required and file a correct return.