All about revising Income Tax Return



All about revising Income Tax Return

The due date for filing the income tax return is already over for taxpayer whose due date was 31st July (Extended to 31st August for AY 2018-19). Similarly, the due date for filing income tax return for few other classes of taxpayer was 30th September (Extended to 31th October for AY 2018-19). Everyone is busy with the work to finalize the return now.

There are chances of committing errors & mistakes due to work pressure as the Due date is approaching and everyone is in hurry.

If any of the mistakes is noticed after filing the return of income, a revised return can be filed u/s 139(5).

Section 139(5) reads as under:

(5) If any person, having furnished a return under sub-section (1) or sub-section (4), discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

The revised return can be filed whether the original return is filed within due date or filed belatedly. Earlier, option to revise the return was there only if the original return is filed within due date i.e., there was no option to file the revised return if the original return is filed belatedly. Finance Act – 2016 has amended section 139(5) by virtue of which even belated return can be revised.

There is a time period in which return can be revised. It is one year from the end of the relevant assessment year i.e., revised return can be filed only within one year and the revision option is not there indefinitely.

For example, a person has filed the return of income for FY 2017-18 (AY: 2018-19) on 30th November 2018 then revised return can be filed at any time before 31.03.2020 or before completion of assessment if it is done earlier. Intimaiton u/s 143(1)(a) is just an intimation and not an order. So, even if intimation is received then also revised return can be filed.

There are chances that any mistake is incurred in the revised return. Even there may a situation where in the information that had an effect on the return of income is received after updating the revised return. What are the remedies available in this case?

 Firstly, the revised return can also be revised further. The due date by which it can be revised is the due date of the belated return i.e. the end of the assessment year or completion of assessment whichever is earlier. Revised return can be revised any number of times and there is no restriction on the number of revisions that can be done in the return. Only limitation is time period of one year or completion of assessment by the assessing officer.

Secondly, if the mistake is apparent from record the application for rectification can be filed u/s 154 of the Income Tax Act, 1961.

What are the requirements for filing belated return?

For filing the revised return, you will require

  • the 15-digit acknowledgement number of original return and
  • the date of filing of the original return in the revised form

If the changes result in a tax due, you must pay this tax before submitting your return.