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. You can file a Revised Return if you discover a mistake made in filing your original ITR. Further, if the income tax department issues a notice for any errors made in the ITR, you need to file a Revised Return. It is important to e-verify the Revised ITR within 120 days of filing. You can file a Revised Return from your account on www.incometaxindiaefiling.gov.in. To file your ITR using the help of a Chartered Accountant, refer to the plans below.
Points to keep in mind before filing Revised Return u/s 139(5) in Income Tax
Revise Return substitutes the original return once it is filed
Do not forget to e-verify your revised income tax return
Enter acknowledgment number of ITR-V and date of filing of the original return
If you filed your return after the due date, it is a belated return. Up to AY 2017-18, it was not allowed to revise belated return. However, AY 2018-19 onwards, a belated return can also be revised
You can file Revise Return even if the return has been processed
When do you file a Revised Return under Sec 139(5)?
Revising on your own
To rectify errors or mistakes made in the original Income Tax Return
To disclose income or information not reported in the original Income Tax Return
To rectify personal details like residential status, address details, bank details, aadhar number, email or mobile, nature of business code, etc
If you have filed ITR using wrong ITR Form
If you have missed reporting any additional income, foreign income or foreign asset
When a wrong deduction has been claimed in the original ITR filed
Revising in response to a notice
If the assessee agrees to a mismatch in the notice for proposed adjustment under Sec 143(1)(a)
2. When the assessee pays outstanding demand as per Sec 143(1) and then files a Revised Return
If you file a belated income tax return with carrying forward loss, you will receive a notice under sec 143(1)(a)(iii). To resolve this, you should file a Revised Return after rectifying the error.
When there is a difference in the amount of income as per ITR and gross amount as per Form 26AS, you will receive a notice under sec 143(1)(a)(vi). To resolve this, you should file a Revised Return after rectifying the error.
Due Date to file Revised Return under Income Tax
As per the Income Tax Act, a Revised Return can be filed up to the end of the assessment year or before completion of the assessment, whichever is earlier. This means that an assessee can file a revised return up to one year from the end of the financial year.
Note: AY 2018-19 onwards, the time limit to file a revised return was reduced. Thus, the due date was: AY 2018-19 onwards – by the end of relevant the Assessment Year Up to AY 2017-18 – within 1 year from the end of the relevant Assessment Year
For Income Tax Return of FY 2018-19 (AY 2019-20):
End of Assessment Year is 31.03.2020
Therefore, you can file Revised Return for FY 2018-19 up to 31st March 2020
For Income Tax Return of FY 2016-17 (AY 2017-18):
End of Assessment Year is 31.03.2018
One year from the end of Assessment Year is 31.03.2019 Therefore, You can file Revised Return for FY 2016-17 up to 31st March 2019
How to file Revised Return u/s 139(5)?
You can file a Revised Return from your account on the income tax website.
Login to your account on incometaxindiaefiling.gov.in
By end of Assessment Year i.e. up to 31/03/2020. Due to Covid-19, it was extended to 30th November 2020.
Can I file a Revised Return for a Belated Return filed after the due date?
Yes. As per the amendment in Budget 2016, you can now file Revised Return u/s 139(5) for a Belated Return u/s139(4) from AY 2018-19. Here is an example.
How many times can a revised return be filed?
A return can be revised any number of times before the expiry of one year from the end of the assessment year or before the assessment by the department is completed, whichever event takes place earlier.
Can I file a Revised Return after the original ITR is processed?
Yes, you can file a revised ITR before the due date, even when your original ITR is processed and tax refund is issued (in case you were eligible for a tax refund).