- Apr
- 25
- 2012
Section 139(5) – Revised Income Tax return
An assessee who is required to file a return of income is entitled to revise the return of income originally filed by him to make such amendments, additions or changes as may be found necessary by him. Such a revised return may be filed by the assessee at any time before the assessment is made. There is no limit under the income tax Act in respect of the number of time for which the return of income may be revised by the assessee. However, if a person deliberately files a false return he will be liable to be imprisoned under section 277 and the offence will not be condoned by filing a revised return.
As per section 139(5), the revised return can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier. Thus return of A.Y 2011-12 can be revised till 31st March 2013 or before the completion of the assessment whichever is earlier.
Point to Remember
1- Revise tax returns within one year from the end of the assessment year or before the assessment. For the financial year 2010-11 one can filed the revised return up to march 2013.
2-You can’t refile your return if income tax department already did the assessment of your return.
3-If you missed any deduction or income in the return you can refile it.
4-If some information come to your knowledge after filing the return you can refile it.
5-The receipt no. & the acknowledgement no. is must for the refiling of the return.
6-Revision is allowed only if the omission was unintentional. The benefit of Section 139 (5) cannot be claimed by a person who has filed fraudulent returns. Section 139 (5) will apply only to cases of ‘omission or wrong statements’ and not to cases of ‘concealment or false statements’. Once you revise returns, the original stands withdrawn. If the omission(s) in the original return is intentional, the assessee will be penalised
7-No need to pay interest u/s 234A if any tax due, but you have to pay 234B, 234C interest if due
8- you can only revise the return if the original one was filed on time. Belated returns cannot be revised
9- You can file a revised return only in case of ‘omission or wrong statements’ and not for ‘concealment or false statements’
10- Returns can be revised when filed pursuant to notice under Section 148 as it is provided u/s 148 that for such return all the provisions of section 139 shall apply.
11- You will have to cough up 100 to 300 per cent of tax due as penalty for concealing income
12- If the returns are revised before the notice under Section 148 is issued, then there is no penalty.
13- If income was hidden in the original return and is revised and disclosed after the assessing officer pursued it, then a penalty is levied. If the revised return shows a higher income than originally declared, a penalty may or may not be levied.
14- Revised returns have a higher chance of landing a scrutiny letter from the I-T department.
15- To file revised returns, one can use both the online and physical methods. However, you can revise returns online only if you have filed the original returns online and have the 15-digit acknowledgement number. You cannot, otherwise, file returns online. The I-T department searches for the original details once the returns are revised. On not finding the original return, an error is shown. Therefore, it may be wise to revise in physical form.
16- If the taxpayer has revised return after the survey and it was has found that the mistake in the original return was not bonafide then levy of penalty is justified.
17- If some income was concealed in the original return and revised return disclosing such income is filed after the AO has unearthed such undisclosed income then penalty can be levied.
18- If the asseessee after the search filed the revised return declaring higher income than declared in original one, to buy peace of mind and to avoid litigation then penalty cannot be levied .
19- If the taxpayer has declared higher income in revised return of his own and there is nothing to prove that the taxpayer had concealed income malafidely then no penalty can be levied.
20- If the asseessee after the search filed the revised return declaring higher income than declared in original one, to buy peace of mind and to avoid litigation then penalty cannot be levied.
Text of Section 139(5)
139(5) If any person, having furnished a return under sub-section (1), or in pursuance of a notice issued under sub-section (1) of section 142, discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier :..”
Sandeep Kanoi+
Can a revised return be filed after getting a notice u/s 139(9)? Instead of addressing the defects pointed out (as it is found difficult) can entries giving rise to defects be modified to forego some benefit of set off of business loss and revised return be filed in response to the Notice?
whether hra exemption mised in return for ay 11-12 can be rectified us @154.form 16 shows the hra deduction thus computed less tds..intimation us @143(1) received on march2013 and asking for additional tax on hra missed portion..whether any rectification can be done
I filed my father’s return ITR 2 for the A.y.2012-13 in march.13. But by mistake the amount of Short term capital gain entered under the this column “From assets in case of non-resident to which first proviso to section 48 is applicable “. Then what can i do now?
My Queries:-
1) Can i file the revise return of my father before 31st march.2013.
2) Should i file the revise or rectification return after received the intimation from CPC.
3) What should i do?
sir, i filed a revised income tax return (ITR-4) of a client for the assesment year 2012-13. i mistakenly send the acknowledgement of original return to CPC Banglore. Now i received the order letter for payment of tax due which had been fulfilled in revised return. How can i rectify this issue and please state the procedure. thank you
Dear Sir,
I have filed my ITR-4 on 21/01/2013 for FY2011-12 online. Hard copy received at banglore on 02/02/2013.
My question is that i have shown TDS refund in my ITR and in how much i can get my TDS refund?
Pls guide.
Hemal Kurani.
Rajkot
Dear All,
I have filed belated return for the A.Y-2011-12 in A.Y-12-13, against Which I have received Assessment order u/S-143(1). And there was a misstatement of my PAN number in TDS certificate which leads to a misstatement of TDS refund figure in 26AS. And I had filed return as per my TDS certificate & also received the refund amount. The return has now processed by CPC. So, as per 139(5) I couldn’t able to file revised return. And what can I do now for my rectification. Assessment order yet to received by me in my mail, I have only received a SMS regarding that. How can I get-rid of this situation. Pls help me.
Waiting for reply
Thanks A lot
Deepak
I return efilling IT refurn for AY 2011-12 as on 29.7.11 but I am not received my refund then I check my refund status/return then IT department shown as rejected so i can again revised same return
I have filed e-return and received intimation us/ 143(1). Now can I file revised return since I have forgotton to claim exemption u/s 80G. Please reply.
.I have filed my return (ITR-4) online on 08-07-2012 for the AY 12-13 but mistakenly P/L and deducation on 80c.
I do not submet itr-v on cpc center in bangelore
Now want to revise my return, original return is still showing unprocessed.
My queries are:
1. Is it mandatory for me to file revised return ONLINE only?
2. Can’t I file offline revised return?
3. Unable to find the field for claiming exemption of HRA in the excel utility downloaded from the website.
Please help.
Thank You
what if the AY was 2010-2011 and the period has expired now…?
Can you please clear this doubt regarding revising returns?
Since e-return is not considered valid unless the itr-v is received at CPC Bengaluru within 120 days of e-filing the return. Does this mean that if we revise the e-return within due date (that is now August 31, 2012) we can e-file the revised return as original within due-date and drop sending the itr-v of earlier e-filed return (on 31 July 2012)?
Person who e-filed the return, seems to made a bit of mess in hurry on 31 July 2012. For a salaried person with losses from share market activity (short term, long term, fno) he used itr-4 and there put the losses from share market activity as income from profession and adjusted current year’s losses against the interest received from bank, and carried forward the remaining losses as losses from business/profession rather than losses from share market activity. When enquired, he said that the software (guess, he meant the itr-4 excel file) did this adjustment?
After whatever I understand from reading various blogs/articles on net, it appears to me that this is incorrect. Itr-2 should have been used and not itr-4, and losses from share market activities can not be offset against current year’s bank interest (putting every thing non-salary under other income).
Please provide your views. This is first year of e-filing the returns, and it seems all so complicated.
i have filed my i tax return on 13/06/12 but forgett to furnish 80 D premium paid.now can i filed revised i- tax return.
I have made a mistake while filing itr1 for ay 12 -13.
Instead of ‘psu’ in employer category, i selected ‘na’ and made the filing.
Also another error made was in the tds sheet, where i entered the ‘total taxable salary’ instead of ‘income chargable under head salaries’. With these errors the efiling was done and also got the itr 5.
Can these errors be corrected. Do i have to file a revised return? How can i file the revised return? Please guide.
i have entered the wrong bank account no while e-filing ITR-1 for 2012-13 and noticed just before sending hard copy of verification form, is it possible to rectify the problem now
i am govt employee with NPS. my employer had issued form-16 in which he calculated tax even for employer and employee contribution in NPS. but according to sect 80CCD(2) one part is tax free. i filled IT return form-1 according to form-16 and paid tax Rs. 1611 extra. what should I do ? please guide me.
Hi jithendra Varma,
1. AFAIK, you need to file revised return online only, as you had filed your original return online.
3. you need to give the ‘income taxable under the head salary’ figure only in the corresponding field. This figure will be your total salary figure reduced by HRA, and other all allowable allowances.
I have filed my return (ITR-I) online on 29-05-2012 for the AY 12-13 but mistakenly didn’t claim HRA exemption.
Now want to revise my return, original return is still showing unprocessed.
My queries are:
1. Is it mandatory for me to file revised return ONLINE only?
2. Can’t I file offline revised return?
3. Unable to find the field for claiming exemption of HRA in the excel utility downloaded from the website.
Please help.
Thank You
Some very good queries asked in this section.
I also have a similar predicament. My IT return for fy09-10/AY10-11 did not reflect the TDS of 26AS as I had not received the Form16A from the banks for interest paid. I wasn’t even aware of the TDS hence did not claim TDS though my Income was below taxable limit. Can I still file Revised Return u/s 139(5) as my Originalreturn was filed well in time.? Or will the IT Dept claim it is too late for them to return approx Rs.10,000/- TDS and deny me the refund? In fact the IOB Bank has still not issued me the TINWEB site downloaded Form 16A but have uploaded the amount only in Jun 2012 after a lot of representations to their higher ups.
In case income tax return for f.y. 2010-11 which due date 31.07.11 but return submitted on 31.03.2011. The total liability Rs. 150000 and tds deducted Rs. 80000 and net liability with interest 70000.
But I have file return without payment of tax liability due to insufficient fund in my account and tax not paid till date.
So my question could i file revise return or wait for department intimation. And I have not sent ITR V it is required to file itr v to department.
Need some advise. Will appreciate if you can help. I did efiling of my return in Jan-2012 for the AY 2011-12 and received an acknowledgement of ITR-V from CPC. Later, I looked at form 26AS and noticed that apart from employer TDS, some TDS had also been deducted by my bank on interest earned on FDs. Since I had not received a form 16A from my bank, I had not reported this in my original return. What are the options now open to me?
– The return i filed has not yet been processed by CPC. Since my original return was filed after 31-Jul, can I still file a revised return? Will this revision be under section 154(1)? Or will I have to wait for communication from CPC?
– I am fearful that IT departement will treat this as omission of reported income and levy a heavy fine. Can I make use of the “143(1)/Refund/154 Service Request” service recently launched on the Efiling site? What this service does is not very clear to me and it usually asks for a CPC communication number.
– I looked at online rectification requests also and i am not sure if that will apply to me as it states that the reported income should not have changed in the rectified return.
– Also, in the form 26AS the amount credited is around 4K, while as per interest statement from the bank the total interest earned on FDs is around 11k. Which of these amounts should i report as income in my return as and when i file it?
if case is in scruitiny then upto what time can we file the revised return
The processing u/s. 143(1) is not an assessment. Hence revised return can still be filed after the receipt of the intimation u/s. 143(1), if the time is still available. However if it is only a case of TDS mis-match and the income has already been declared in the original return (there is no change in the income returned), recourse is available for rectification u/s. 154 of the Income-tax Act.
The author could have covered cases wherein 143 (1) intimations have been received, before filing a revised return. There are umpteen number of instances where the assessees get the TDS certificates belatedly. Assessee files the return in time as per Sec 139 (1) and intimation is also received u/s 143(1). The TDS certificates and the entries in 26AS are updated after a long battle with the deductors. Then can the assessee file a revised return u/s 139(5)? Whether the intimation u/s 143 (1) will be treated as “completion of assessment”?