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ITR Filing

Section 139(5)- Revised Income Tax Return

Updated on: 21 May, 2024 02:49 PM

Income tax e filing is easier and more precise when you know the basic questions like When to file an income tax return. and how to file income tax e-returns?

Sometimes, in the last-minute rush, people often make mistakes while filing the ITR, like they may file a return with incorrect details or forget to include certain data. Consequently, they need to revise their returns to make corrections. To simplify this process, the department has provided the option of filing a revised tax return under section 139(5) of the Income Tax Act. This allows taxpayers to rectify mistakes or add any missing information by submitting a revised return.

December 31, 2024, is the deadline to file the belated and revised income tax returns (ITRs) for FY 2023-24 (AY 2024-25).

Let’s understand what a revised income tax return is and how you can file it –

What is a Revised Income Tax Return under Section 139 (5)?

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:

  1. 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.
  2. 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 complete and accurate information.
  3. 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.

Possible Reasons for Filing a Revised Return

Taxpayers can file a revised Income Tax Return (ITR) to correct mistakes or omissions made in their original return. This is allowed under Section 139(5) of the Income Tax Act, 1961. Here are some of the most common reasons why someone might file a revised return:

Correction of Errors:

  • Incorrect Income Reporting: Missed or miscalculated income from salary, business, interest, rent, or other sources.
  • Deduction Claims: Erroneous claims or missed eligible deductions for house rent allowance, medical expenses, education loans, etc.
  • Tax Credit Errors: Claiming wrong tax credits or missing out on legitimate ones.
  • Personal Information Mistakes: Typographical errors in PAN, bank details, address, or PAN of spouse/dependents.

Missed Reporting:

  • Unintentional Omission of Income Sources: Overlooking income from freelancing, investments, sale of assets, etc.
  • Forgot Deductions or Exemptions: Missing out on claiming deductions for donations, investments, health insurance, etc.
  • Change in Tax Liability: Receiving income after initial return filing that affects tax bracket or payable tax.

Other Situations:

  • Change in Residential Status: Shifting from resident to non-resident or vice versa after initial filing.
  • Correction of Assessment by Tax Department: Addressing discrepancies raised by the income tax authorities in their assessment.
  • Claiming Refund Due: Realizing you're eligible for a refund after the original filing due to overpaid taxes.

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 the Income Tax Act?

The revised return under Section 139(5) has to be filed by 31 December. It can be filed even if the original return has been processed by the tax department. There is also no limit to the number of times that the tax return can be revised.

For the revised return related to the financial year 2023-24 (assessment year 2024-25), the deadline is on or before 31st December 2024, 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. tax2win website
  • 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. sources of income
  • 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 the 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. enter the PAN Details
  • 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. basic details
  • 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. address details and employer category
  • 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. employment details
  • 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. details of the investment
  • 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. bank details
  • 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. upload Form 26AS
  • Step 11: Select ‘Revised Return” under the 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. return filing type
  • 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. Remember to cross-check all the information in return, click on the checkbox, and click on “File my return.” tax liability
  • Step 14: Remember to cross-check all the information in return, click on the checkbox, and click on “File my return.”

Is there a Penalty for Filing Revised Income Tax Return (ITR) After July 31?

Your tax return will be treated as revised only if the original return was filed by the due date, that is, 31 July 2024, and was e-verified within 30 days of e-filing. If it wasn’t filed by the due date, the return will be treated as a belated tax return, and the taxpayer will be levied late fees under Section 234F. Belated returns can be filed by December 31, 2024, too, by paying a penalty of Rs 1,000 (for income between Rs 2.5 lakh and Rs 5 lakh) and Rs 5,000 (for income above Rs 5 lakh).

What are the Consequences of Filing a Revised Return?

If there are minor changes in your revised return, like a change of bank account details, personal details, etc., there would be no consequences for 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 will 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 you file 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 will issue you a notice stating your mistakes. If you are eligible for any income tax refund, the refund will not be allowed till a revised return is filed. So, revise your income tax returns if required and file a correct return. You can check your income tax refund status online here.

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

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Frequently Asked Questions

Q- Can I file revised return immediately?

Yes, the Income Tax Act in India allows you to file a revised return if you discover any omission or wrong statement in your original/ belated return filed.

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 three months before 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 2024-2025 be filed?

The revised return for assessment year 2024-2025 can be filed, on or before 31 December 2024 or completion of assessment of the original return, whichever is earlier. If you want to avoid any delays in revised return or ensure accurate ITR filing, it is best to take expert help.

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), 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- 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), 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 2024 for FY 2023-24.

CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.