Taxpayers must submit their income tax returns within the designated time limit. Sometimes, to meet this deadline, they may file a return with incorrect details or forget to include certain data. Consequently, they need to revise their returns to make corrections. To simplify this process, the department has provided the option of filing a revised tax return under section 139(5) of the Income Tax Act. This allows taxpayers to rectify inaccuracies or add any missing information by submitting a revised return.
Revised return under section 139(5)
Section 139(5) of the Income Tax Act allows the taxpayer to revise their original return if after filing the return they find any error or if they have failed to report any income or expenses. Further, if the department has issued any notice then the taxpayer has the option to submit the revised return in response to the notice. However, there are certain points that the taxpayer should keep in mind while revising the return:
- The revised return will substitute the original return once it is filed.
- While revising the return, make sure to select the filing section 139(5) and enter the details of the original return.
- Before filing the revised return, ensure that the original return is timely e-verified.
- Even if the return is filed after the due date i.e. belated return, a revised return can be filed for such a belated return.
- The taxpayer can revise their ITR even if the original/belated return has been processed.
- It is mandatory to e-verify the revised return within 30 days of filing the same.
When a Revised Return can be filed?
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, aadhaar number, email or mobile, nature of business code, etc.
- If the taxpayer has filed an ITR using the incorrect Form.
- If the taxpayer has missed reporting any additional income, foreign income, or foreign assets.
- If any incorrect deduction has been claimed in the original ITR filed.
Revising in response to a notice
- If the taxpayer agrees to a mismatch in the notice for the proposed adjustment under Sec 143(1)(a)
- When the assessee pays outstanding demand as per Sec 143(1) and then revises the ITR.
- When a Defective return notice is issued u/s 139(9).
- If you file a belated income tax return with carrying forward losses, you will receive a notice under sec 143(1)(a)(iii). To resolve this, the taxpayer 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 139(9). To resolve this, you should file a Revised Return after rectifying the error.
Note: A revised return can be filed any number of times for a particular financial year provided that it is filed within the specified due date.
Time limit to file Revised Return
As per section 139(5) of the Income Tax Act, the income tax return can be revised at any time 3 months before the end of the assessment year or before the completion of the assessment process whichever is earlier.
For example, If Priya has filed her income tax return on 7th July 2023 for FY 2022-23. However, after filing the return she realized that few incomes and deductions are missed to be reported in return. Hence, she have the option to revise her ITR u/s 139(5) on or before 31st December 2023, by making all relevant corrections in return.
Further, if she had filed a return on 6th August 2023, in such case also she will be able to revise the belated return on or before the due date i.e. 31st December 2023.
Steps to file Return u/s 139(5)?
The taxpayer can revise their return by following these steps:
- Log in to the e-filing portal
Log in to the e-filing portal and navigate to e-file> Income Tax Return> File Income Tax Return.
Or, click on the file revised return option from the dashboard.
- Select the relevant details
Select the Assessment year, Mode of filing, Filing type (revised return), audit option, and ITR type accordingly.
- Attach JSON
Attach the JSON file to upload the return and then proceed for verification
- E-verify return
To submit the return it is mandatory to do e-verification within 30 days of submitting the same.
- Submit the return
Once the e-verification is done, the success message will be displayed along with the transaction ID.
Yes. You can revise the return even if it is the belated return filed u/s 139(4).
The department has not provided any restriction for several times the return can be revised. Hence the taxpayer can revise their ITR any number of times before completion of the time limit provided under section 139(5).
Yes, you can file a revised ITR before the due date, even when your original ITR is processed and a tax refund is issued (in case you were eligible for a tax refund).
No, the penalties or any other charges are not levied while revising the return.