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Revise your income tax return u/s 139(5) before 31st March

Updated on: 23 Nov, 2023 01:22 AM

With 31st March 2018 ending in next 168 hrs , it is very important to have knowledge of Revised Returns. Its comprehension becomes even more vital because


What is Revised Return?

When you have already filed an income tax return for the relevant assessment year, any subsequent return filed for the same period is known as Revised Return.

The need for revising return arises because no matter how precautious one takes while filing the return, there is always a chance of error or omission. Such error or omissions may be regarding income offered, deductions claimed, recent amendments in the law or any other details filed. Revised return is an opportunity to make good all such mistakes.

What is the time limit of filing Revised Return?

As per income Tax act 1961, till AY 2016-17 only those returns could be revised which were submitted on or before the due date. Therefore, it was of utmost significance that an income tax return gets filed on time i.e. on or before 31st July and 30th Sep, normally.

Good news is that from Assessment Year 2017-18 (Financial Year 2016-17), even a belated return can be revised. Additionally, the time limit for revision of that particular year remains same as earlier i.e.

  • 1 year from the end of the Relevant Assessment Year or
  • before completion of assessment

whichever is earlier
This means that for FY 2016-17 (AY 2017-18) the return can be revised up to 31/03/2019.

However, for the current financial year i.e. F.Y 2017-18 (AY 2018-19), the law has been further revised in respect of time limit of revision of return. Now, the belated return could be revised upto the below limit :

  • Before the end of Relevant Assessment Year

This means that for FY 2017-18 (AY 2018-19) also the return can be revised up to 31/03/2019.

Can I Revise my return twice??

Revision is possible infinite number of times between the filing date and above mentioned period of the respective year. Upon filing a revised return, the original one stands withdrawn and you are now assessed on the amended details. But, this facility should not be misused to avoid being a suspect in the eyes of Income Tax Authorities.

How to revise ITR

All that you require for making revision of income tax return is:

  • i) Filing of the original return
  • ii) 15 digit acknowledgement number of the original return and
  • iii) The date on which original return was filed.

Note: In case you have made more than one revisions, then too the details of original return are required.

Even the Revised Return needs to be verified

Subsequent to filing process do not forget to verify your return!!
For your convenience it can be done via different channels, namely,

  • Aadhaar-based OTP
  • Net Banking
  • Bank account based validation
  • Demat account details
  • EVC on email ID and mobile in some cases
  • Physically posting acknowledgement receipt to CPC Bengaluru

This blog must have paced down your queries relating to revision of ITR. Still, we highly recommend to file your income tax return with utmost diligence and leave no rooms for correction. But, since errors are inevitable, if you observe any fault in your return section 139(5) is there for your rescue.

For seeking further clarification on the topic you may post your comments below. Looking for an experts help on ITR Contact us now.

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.