Revised Return Sec 139(5) : Non-Disclosure of Income

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).

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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

  1. Download Utility

    Firstly, download the latest java or excel utility of the applicable ITR from the income tax e-filing website.

  2. Open the .XML file

    Open the .xml file of the original return in the utility.

  3. 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

  4. 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.

  5. Recalculate and Save

    Click on ‘Recalculate’ in the top row and then click on ‘Save’ to generate the XML.

  6. 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.

FAQs

What happens if I don’t respond to my income tax notice?

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.

Can a Return Filed within the time extended by CBDT be revised?

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).

How many times revised return can be filed?

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.

Got Questions? Ask Away!

  1. Hey @TeamQuicko

    Can I file a revised return even after I have received a refund?

  2. Hey @HarshitShah

    Yes, you can revise your return and carry forward the trading losses even if ITR is processed and refund is received.

    Hope this helps!

  3. Hey @HarishMehta

    Yes, ITR is mandatory to file when you had done transactions in the respective financial year. If there are losses, you don’t have to pay Income Tax, but transactions have to be reported in ITR.

  4. Hey Team, do I need to e-verify Belated Return??

  5. Hey @TanyaChopra

    Yes, you need to e-verify the Belated Return filed after the due date. It will not be processed by the IT Department unless it is e-verified.

    You can refer to the below article to understand how to file and e-verify Belated ITR.

    Do let us know in case you have any further queries!

  6. Hey Team, good day!

    What are the consequences if I do not show Trading Transactions in ITR?

    Thanks in advance!

  7. Hello, So if I file a revised return, I’ll be eligible to carry forwarding losses. When can i set them off. and also if are any other benefits I am not aware off?
    I am new to filing returns hence such basic questions.

  8. Hey @Niraj,

    Carry forwarded losses can save you from paying heavy taxes in the future. For eg. If you fall in the 30% tax bracket, for every profit you make in the derivative market, 30% is the tax rate. Instead, if you have carry-forward losses from previous years, you have to pay tax only on the balance amount after the set-off of losses.

  9. Can I carry forward trading losses in case of a revised return?

  10. Hi @Joe_Fernandes,

    Yes, losses can be carried forward for a specific period as mentioned in the Income Tax Act, in case you have filed an original return within the due date.

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