Revised Return under Section 139(5) means filing an income tax return once again to rectify errors and omissions made while filing the original income tax return. The income tax department receives information about the assessee’s income from different sources. This includes information from TDS Returns, Form 26AS, Form 16, GST Returns etc. Once you file your Income Tax Return, the income tax department reviews the ITR with its available information. If there is any discrepancy, you may receive a notice from the income tax department for non-disclosure of income. If you receive a notice for Non-disclosure of Income, you should rectify the error and file a Revised Return under section 139(5).
Example: Here are a few instances of Non-Disclosure of income:
- Interest income from a savings bank account
- Interest income from a fixed deposit account
- Profit from an investment made in name of a family member (clubbing provision)
- Income from trading in equity, derivatives, commodity, currency etc
- Exempt Income like dividend income, PPF interest, agriculture income, etc
- Foreign Income and Foreign Assets
File Revised Return to report income under Non-Disclosure of Income in original ITR
- Download Utility
Firstly, download the latest java or excel utility of the applicable ITR from the income tax e-filing website.
- Open the .XML file
Open the .xml file of the original return in the utility.
- Tab – Part A General
Under the tab ‘Part A – General’, move to section ‘Filing Status’. Enter the following details:
a. Filed u/s – Select 139(5)-Revised Return
b. If revised/defective/modified enter Receipt No – Enter the Acknowledgement Number of ITR-V of the Original Return
c. Date of filing original return (DD/MM/YYYY) – Enter the date on which the original return was filed
- Report Income
Report the income under the relevant schedule of ITR
a. Interest income from savings bank account – Schedule OS > 1bi > Interest from Savings Bank.
b. Interest income from fixed deposit account – Schedule OS > 1bii > Interest from Deposit.
c. Profit from investment made in name of a family member (clubbing provision) – Schedule SPI i.e. Income of specified persons.
d. Income from trading in equity, derivatives, commodity, currency etc – Schedule BP or Schedule CG.
e. Exempt Income like dividend income, PPF interest, agriculture income etc – Schedule EI i.e. details of exempt income.
g. Foreign Income and Foreign Assets – Schedule FA i.e. Details of Foreign Assets and Income from any source outside India.
- Recalculate and Save
Click on ‘Recalculate’ in the top row and then click on ‘Save’ to generate the XML.
- Upload XML
Upload the XML on income tax website to file Revised Return u/s 139(5). Login to your account on income tax portal.
Go to e-File > Income Tax Return, enter the required details, upload the XML and submit.
There is no way to reply after the time limit is over. The link for e-proceedings gets closed. If you do not respond to the notice within the allowed time limit, the income tax department will process the return after making an adjustment of the demand raised with the TDS credit available. They may also issue another notice to pay the outstanding demand. The assessee can submit a Condonation Request on the income tax portal to borrow time for filing Revised Return. They need to provide a valid reason for delay in filing ITR.
Any Return which is filed within the extended period as mentioned u/s 119 whose is extended by the CBDT u/s 139(1) can be revised u/s 139(5).
A revised return can be filed any number of times before the end of Assessment Year or up to the end of the assessment year or before assessment by the department is completed; whichever event takes place earlier.