Filing revised return of Income Tax u/s 139(5)


The Income-Tax Act offers you an opportunity to revise your tax return, provided the omission of wrong statement in the original return was due to a bonafide mistake

It is a good practice to file your income-tax return before the due date of filing returns u/s 139(1) of I-T Act, 1961. In a haste to meet the deadline, you may have forgotten to disclose some income or claim some deductions. What happens when you have filed your income tax return well before the deadline of filing returns but there was an omission or mistake made in filing the I-T return. There is no need to panic as you can always file a revised return of income tax under Section 139(5) adding the correct particulars.

The Income-Tax Act, 1961, offers you an opportunity to revise your tax return, provided the omission of wrong statement in the original return was due to a bonafide mistake.

The deadline for filing a revised I-T return by an assessee is before the end of the relevant assessment year or before the completion of the assessment (whichever is earlier).

For instance: If an assessee files an I-T return for FY13-14 (i.e. assessment year 2014-15) on 10 July 2014 (due date for filing I-T return is 31 July 2014), however, later on discovers some mistake, then he can file a revised return of I-T anytime up to 31 March 2016 or before the completion of Assessment, whichever is earlier, for FY14. 

An I-T return can be revised any number of times provided it is within prescribed time limit. Thus, in the above example, a revised I-T can be filed any number of times provided it is before 31 March 2016 or before the completion of assessment by the department, whichever event takes place earlier.

On filing of the revised return u/s 139(5), the original return filed u/s 139(1) shall be deemed to be withdrawn and substituted by the revised return. Revised return basically means that you have filed your I-T return for this year and want to make changes in the return which you have filed.

In case if the revised return is filed online, the assessee is required to furnish the 15-digit acknowledgement number of the original return. On receiving the revised return, the I-T department searches for the original return which is retrieved using the 15-digit acknowledgement number.

If you have made a mistake of not disclosing any income or have forgotten to claim a deduction in your return, you can file a revised return and avoid penalty exposure. After all it’s always better to avoid any unnecessary assessment proceedings later and enjoy peace of mind.



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