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Section 139(5)- Revised Income Tax Return
Filing the income tax is easier and more precise when you know the basic questions like When to file an income tax? And How to file income tax e-returns?
Filing of income tax returns might be difficult for many taxpayers. Though they are careful while filing their returns, they might commit some mistakes or forget to mention an income in their return. If there are any mistakes concerning your income tax filing, the Income Tax Department allows you a second chance to rectify such mistakes and file a correct return by filing a revise return. You can make revisions in your income tax returns as per the provisions of Section 139 (5) of the Income Tax Act, 1961. Let’s understand what a revised income tax return is and how you can file it –
What is a Revised Return under Section 139(5) of Income Tax Act?
Section 139 (5) of the Income Tax Act of 1961 allows taxpayers to file a revised income tax return if they have made mistakes in the returns filed earlier. From FY 2016-17, even a belated return can be revised.
A Revised Return under Section 139(5) of the Income Tax Act is filed when an individual needs to make changes or corrections to a previously filed Income Tax Return (ITR). Here are the situations in which you would file a Revised Return:
- Correction of Errors: If you realize that you have made an error or omission in your original ITR, such as reporting incorrect income, deductions, or any other information, you can file a Revised Return to correct those errors. This allows you to provide accurate and updated information to the tax authorities.
- Missed Reporting: If you inadvertently omitted certain income sources or failed to include certain deductions or exemptions in your original ITR, you can file a Revised Return to include those missed details. This helps ensure that your tax assessment is based on the complete and accurate information.
- Changes in Tax Calculation: If there are changes in the tax laws, rules, or tax rates that affect your tax liability after you have filed your original ITR, you can file a Revised Return to incorporate those changes in your tax calculation. This allows you to adjust your tax liability accordingly.
In these and other cases of mistakes committed by the taxpayer, the facility of a revised income tax return is allowed by the Income Tax Act. When the taxpayer corrects the errors and refiles his income tax return, it is called a revised income tax return.
Who can file a revised income tax return under Section 139(5)?
Any taxpayer who has already filed his/her income tax returns can revise and refile an income tax return. Even if the return is filed after the due date, which is called a belated income tax return, a revised income tax return can be filed for such belated returns.
What is the Due Date to file a Revised Return under Income Tax Act?
A Revised Return can be filed before the last date of filing the return (31st December) or before the completion of the assessment, whichever is earlier.
For the revised return related to the financial year 2022-23 (assessment year 2023-24), the deadline to file the revised return would be on or before 31st December 2023, provided the assessment of the original return has not been completed before that date.
How to File Revised ITR Using Tax2win
- Step 1: Either sign in to the tax2win website using your existing credentials or sign up to the portal and create an account. You can do self-filing only in the case of income from salary, business, and capital gains.
- Step 2: After logging in, a table consisting of all the possible sources of income opens. You need to select the income sources that you have. Based on your sources of income, Tax2win’s DIY ITR filing system selects the applicable ITR form automatically.
- Step 3. You need to upload Form 16. In case you don’t have Form 16, you can simply skip the option and proceed further.
- Step 4. Select the F.Y. and enter the PAN Details and DOB. (If you don’t have a registered account with Income Tax Department, you will receive an OTP and a new account will be created.). You can also choose if you want our DIY software to fetch your personal details and get data pre-filled.
- Step 5: Enter a few basic details in the next step. Some of it is pre-filled from the Income Tax Department’s database. Remember to cross-check the information available. As shown in the image given below, you have to enter your personal details like name, email id, date of birth, father’s name, gender, etc.
- Step 6: In the next step, you have to provide your address details and employer category. You can refer to the image below to understand this better.
- Step 7: In the next step, you have to fill in your employment details. The standard deduction is applied automatically in the case of salaried employees. As shown in the image below, you have to enter your gross salary/CTC, exempted allowances like HRA, LTA, gratuity, net salary, and standard deduction and professional tax under section 16. Note that if you have uploaded Form 16, your employment data will be pre-filled in the ITR Form. All you have to do is verify the information and proceed to file ITR.
- Step 8: Enter the details of the investment made during the year to calculate the applicable deductions. You have to enter details of investments in PPF, LIC, PF, housing loan, FDR, NSC, tuition fees, premiums paid to the annuity, and other 80C deductions.
- Step 9: In this step, you are required to enter your bank details. Enter your IFSC code, name of the bank, account number, and Aadhaar details. As per government law, it is mandatory to show all the bank details. You can select one account as the primary account. Remember, you will get a TDS refund in your primary bank account.
- Step 10: In this step, you have to upload Form 26AS, and your TDS details will be auto-populated. If you don’t have Form 26AS, you can skip it and fill in the details manually before filing your ITR. If you have paid the tax, select yes on Advance Tax and any tax paid on other income sources, enter the details from the receipt generated, and click on Continue.
- Step 11: Select ‘Revised Return” under return filing type and enter the acknowledgment number of the original return. If your income is less than Rs.2.5 lakhs and electricity expenses during the year are less than 1 lakh, select yes on the option ‘Are you filing return under the seventh proviso to section 139(1). Also, select the number of days for which you have stayed in India in the relevant FY. The system will automatically determine your residential status.
- Step 13: Based on the information given by you in the previous sections, the software automatically computes your tax liability using both the old and the new regime. You can compare both regimes and select the one that is more beneficial for you.
- Step 14: Remember to cross-check all the information in return, click on the checkbox and click on “File my return.”
What are the consequences of filing a revised return?
Ans - If there are minor changes in your revised return, like a change of bank account details, personal details, etc., there would be no consequences of filing a revised return. However, in case of undeclared income or other important rectification done on the revised return, the tax department might pick up the change and the tax filed in the earlier return might be scrutinized.
Things to keep in mind when filing a revised income tax return
If you are filing a revised income tax return, here are the things that you should remember –
- A revised income tax return would substitute the original income tax return completely. Thus, once the revised return is filed, it would be considered the taxpayer's final income tax return.
- If your income tax return has been processed and you have availed a refund, a revised return can be filed if it is filed within the specified due date.
- If the ITR form has to be changed, a revised return can be filed.
- You can file a revised tax return as many times as you want as there is no limit to the number of times of filing the return.
- If the assessment of your income tax return is completed by the assessing officer under the provisions of Section 143-(3) of the Income Tax Act, 1961, a revised return cannot be filed.
The income tax department levies no penalty or charge if you file a revised income tax return. So, if you have made mistakes in filing your income tax return given the technicalities involved, don’t be afraid. You can file a revised return and correct any errors which you have made. If you don’t file a revised return and there are any mistakes, the income tax department would issue you a notice stating your mistakes. If you are eligible for any income tax refund, the refund would not be allowed till a revised return is filed. So, revise your income tax returns if required and file a correct return.Don’t let a mistake in your ITR cost you more than it should. Filing a revised ITR with the help of a tax professional can save you from scrutiny and penalties. Book eCA today and get your revised returns done right.
Frequently Asked Questions
Q- How to correct a submitted income tax return?
You can correct your income tax return by filing a revised income tax return u/s- 139 (5) of Income Tax Act.
Q- Can I file a revised income tax return?
Yes, any taxpayer can file a revised income tax return before 3 months in the completion of the assessment year or before the end of the assessment of the return, whichever is earlier.
Q- By when can the revised return for AY 2023-2024 be filed?
The revised return for assessment year 2023-2024 can be filed,on or before 31 December 2023 or completion of assessment of the original return, whichever is earlier. Take expert help to avoid further delays.
Q- What if the revised return has some errors in it?
If the revised return has any errors, you can file another revised return within the specified time limit to correct them.
Q- Do I need to e-verify the revised ITR which I file?
Yes, the revised ITR also needs to be e-verified within 30 days to complete the tax filing process. Also, the original return needs to be e-verified within the time limit.
Q- How many times returns can be revised?
You can revise your income tax returns as many times you want. The income tax department does not specify the number of times a return can be revised. It is recommended to file revised return (if required) only once, with all the revisions needed to be covered.
Q- What is the last date to file a revised return ?
As per Section 139(5) of the income tax act, an assessee can file a revised return 3 months before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
Q- How do I correct a defective income tax return?
A defective return can be corrected by filing a revised return or submission of response to defective notice.
Q- Who can file a revised return?
Person who files the original tax return can file the revised income tax return. Belated return can also be revised.
Q- Does revised return replace original return?
Yes, a revised income tax return would substitute the original income tax return completely. Thus, once the revised return is filed, it would be considered to be the final income tax return of the taxpayer.
Q- What happens if I file revised ITR?
consequences of filing a revised ITR are as follows:-
- A revised income tax return would substitute the original income tax return completely i.e, it would be considered to be the final income tax return of the taxpayer.
- You can file a revised tax return as many times as you want as there is no limit to the number of times of filing the return but multiple revisions may attract a notice from income tax authorities.
Q- Can revised return be filed after assessment?
As per Section 139(5), revised return can be filed earlier of 3 months before the Completion of the relevant assessment year or completion of assessment.
Q- Is there any penalty for a revised return?
No there is no penalty for filling revised return.
Q- How do I submit a revised income tax return?
Submission of a revised return is simple and depicted in our guide above, please refer the same and in case a expert assistance is required, tax2win will be happy to assist you; please click here for the same.
Q- How can I cancel my revised return?
Cancellation of a filed document is not possible however, in case if the revised return has some errors, then it can be revised again subject to the time limit specified under section 139(5) of the income tax act, or you can skip the e-verification of the revised return wrongly filed. It will not be taken up for processing by the department.
Q- Can I file a Revised Return for a Belated Return filed after the due date?
Yes, a revised return can be filed for a belated return, The belated return can be filed by 31st December 2023 for FY 2022-23.
Q- Can I file a revised return after ITR processed?
Yes, you can file a revised income tax return, even if your ITR has been processed. Revised ITR can be filed online under section 139(5) of the income tax act. Choose section 139(5) and the filing type as ‘revised.’