Even Belated return can be Revised. Revised Returns can also be Revised further
Tax laws are the part of the dynamic tax laws which keep on changing very frequently. Taxpayers not only need to read, re-read the law but also need to forget what has been read.
One such provision is with regard to filing of revised returns.
Earlier, there was condition that the revised return can be filed only if the original return is filed within the due date.
However, by the Finance Act – 2016, an amendment has been carried out as a result of which even a belated return can now be revised.
If any of the mistakes is noticed after filing the return of income (whether within due date or after the due date), 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.
In short, the revised return can be filed whether the original return is filed within due date or filed belatedly.
Earlier, the option to revise the return was there only if the original return is filed within due date [i..e, only if the return is filed within due date u/s 139(1) and not u/s 139(4). 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. This is done by adding “or sub section (4)” in section 139(5)
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 2019-20 (AY: 2020-21) on 30th November 2020 then revised return can be filed at any time before 31.03.2021 or before completion of assessment if it is done earlier.
Whether revised Return can be filed after receipt of intimation u/s 143(1)(a)?
It may be noted that intimation 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 be a situation where 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?
How many times a revised return can be filed?
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 the 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 Revised 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.
Taxpayers may note that this is an option available in case of mistake.
Don’t depend on this option and commit mistakes. It is very clear if the case goes in the scrutiny the assessing officer will investigate in detail for the reason of revision.
So, take utmost care while filing the original return. If there are some mistakes discovered, don’t fail to file a revised return.