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