Revised Income Tax Return

Revised Income Tax Return

An assessee who is required to file a return of income is entitled to revise the return of income under Section 139(5) of Income Tax Act, 1961 originally filed by him to make such amendments, additions or changes as may be found necessary by him. Such a revised return may be filed by the assessee at any time before the end of the relevant assessment year or before the assessment is made whichever is earlier.
However, if a person deliberately files a false return, he will be liable to be penalty u/s 270A and Assessee may be imprisoned under section 277 and the offence will not be condoned by filing a revised return.
As per Section 139(5): a revised return may be filed by the assessee at any time before the end of the relevant assessment year or before the assessment is made whichever is earlier (up to A.Y 2017-18 the return can be revised at any time before the expiry of one year from the end of relevant assessment year or before the assessment is made whichever is earlier. Thus, return of A.Y 2018-19 can be revised till 31st March 2019 or before the completion of the assessment whichever is earlier and return relating to A.Y. 2017-18 can also be revised till 31.03.2019

Points to Remember

Point to Remember for filing of Revised Income Tax Return under Section 139(5) of the Income Tax Act, 1961

  1. Revise Income Tax returns can be filed under Section 139(5) of Income Tax Act, 1961 before the end of the relevant assessment year or before the assessment is made whichever is earlier (Up to A.Y 2017-18 revise return was allowed to be filed before the expiry of one year from the end of relevant assessment year or before the assessment is made whichever is earlier). For the financial year 2017-18 one can file the revised return up to 31st March 2019.
  2. You can’t Revise Your Income Tax Return under Section 139(5) of Income Tax Act, 1961 if income tax department already did the assessment of your return.
  3. If you missed any deduction or income in the return you can Revise Your Income Tax Return.
  4. If some information come to your knowledge after filing the Income Tax Return You Can Revise Your Income Tax Return.
  5. The receipt no. & the acknowledgement no. is must for revision of Income Tax Return under Section 139(5) of Income Tax Act, 1961.
  6. Revision of Income Tax Return under Section 139(5) of Income Tax Act, 1961 is allowed only if the omission was unintentional. The benefit of Section 139 (5) cannot be claimed by a person who has filed fraudulent returns. Section 139 (5) will apply only to cases of ‘omission or wrong statements’ and not to cases of ‘concealment or false statements. Once you revise your Income Tax return, the original stands withdrawn. If the omission(s) in the original Income Tax return is intentional, the assessee will be penalised
  7. No need to pay interest u/s 234A if any tax due, but you have to pay 234B, 234Cinterest if due
  8. you can only revise the return if the original one was filed on time. Belated returns cannot be revised. However, wef from A.Y 2017-18 belated Income Tax returns under section 139(4) can also be revised.
  9. You can file a revised Income Tax return only in case of ‘omission or wrong statements’ and not for ‘concealment or false statements’
  10. Income Tax Returns under Section 139(5) of Income Tax Act, 1961 can be revised when filed pursuant to notice under Section 148 as it is provided u/s 148 that for such return all the provisions of section 139 shall apply.
  11. You will have to cough up 50 percent of tax payable on under-reported income and 200 percent of the tax payable in case of mis-reported income
  12. If the Income Tax returns are revised before the notice under Section 148 is issued, then there is no penalty.
  13. If income was hidden in the original return and is revised and disclosed after the assessing officer pursued it, then a penalty is levied. If the revised return shows a higher income than originally declared, a penalty may or may not be levied.
  14. Revised returns have a higher chance of landing a scrutiny letter from the I-T department.
  15. To file revised returns, one can use both the online and physical methods. However, you can revise returns online only if you have filed the original returns online and have the 15-digit acknowledgement number. You cannot, otherwise, file returns online. The I-T department searches for the original details once the returns are revised. On not finding the original return, an error is shown. Therefore, it may be wise to revise in physical form.
  16. If the taxpayer has revised return after the survey and it was has found that the mistake in the original return was not bonafide then levy of penalty is justified.
  17. If some income was concealed in the original return and revised return disclosing such income is filed after the AO has unearthed such undisclosed income then penalty can be levied.
  18. If the assessee after the search filed the revised return declaring higher income than declared in original one, to buy peace of mind and to avoid litigation then penalty cannot be levied.
  19. If the taxpayer has declared higher income in revised return of his own and there is nothing to prove that the taxpayer had concealed income malafidely then no penalty can be levied.
  20. If the assessee after the search filed the revised return declaring higher income than declared in original one, to buy peace of mind and to avoid litigation then penalty cannot be levied.

FAQ's

The process of filing a revised ITR is the same as filing an original return. Visit the e-filing website of Income Tax Department and then log in with your credentials. In Part A - General Information, the taxpayer has to choose ‘Revised Return under Section 139(5)’ from the drop-down box and in the in the same tab, provide information to identify the original return which shall be ‘Order Acknowledgment Number’ and ‘Date of filing of Original Return’.

Assesses can revise a return every time they discover any omission or wrong statement within the time limit prescribed for filing a revised return. However, one should take utmost care while filing a revised return so as to avoid complications in future and should not misuse the facility.

If you file an incorrect tax return, the IRS will not assess a penalty if it owes you a refund. If you owe the IRS money and you fail to pay because of inaccuracies on your tax return, however, the IRS may assess penalties and interest.

If you want to make changes after the original tax return has been filed, you must file an amended tax return using a special form called the 1040X, entering the corrected information and explaining why you are changing what was reported on your original return. You don't have to redo your entire return, either.

You will amend it like you did before. The difference is you need to make sure the tax calculator is showing the amount reported on your amended return(s). Once you have determined that, you will need to delete your amended return(s).

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