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
- Go to e-File > Income Tax Return
- Enter the required details
- Upload the XML
Here is the stepwise process to file Revised Return on the Income Tax website.
|Year||Can I revise Belated Return?||Time Limit to file Revised Return|
|No||Belated Return cannot be revised|
|Yes||By end of Assessment Year i.e. up to 31/03/2019|
|Yes||By end of Assessment Year i.e. up to 31/03/2020. Due to Covid-19, it was extended to 30th November 2020.|
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.
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.
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).