How to file a revised Income Tax Return?
Answer: The process of filing a Revised Return is the same as filing an Original Return. The ONLY difference is that in the Excel utility (Return Preparing Software), you need to select the ‘Revised’ return option and provide the Original e-Filing Acknowledgement number and Date of filing the Original return. Further, the assessee is required to select the section of return filing as u/s 139(5).
I have filed the Original Income Tax Return as paper return. Can I file the revised return electronically as e-Filed Income Tax Return?
Answer: No, you can revise returns online only if you have filed the original returns online and have the 15-digit acknowledgement number
I have e-Filed the Original Income Tax Return. Can I file the revised return in paper-form?
Answer: No. 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.
Answer: You cannot file a Revised return if the Original was filed post due date, that is, Belated Return. However wef A.y 2017-18 belated return u/s 139(4) can also be revised u/s 139(5)
How many times I can file the revised return?
Answer: Legally, a return can be revised any number of times before the expiry of one year from the end of the Assessment Year OR before the completion of the assessment by the Department; whichever event takes place earlier.
However wef A.Y 2018-19 a return can be revised any number of times before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
I have filed my e-return by using the utility of wrong Assessment year. Can I correct Assessment Year by revising the return?
Answer. Assessment Year is inbuilt in the utility. Once a utility provided by ITD is used, Assessment Year can not be changed. For each Assessment year, right or wrong, a revised return using the valid utility, subject to legal provisions, can be filed for that Assessment year only.
For Further Clarity Text of Section 139(5) is re-produced:
If any person, having furnished a return under sub-section (1) or sub-section (4), discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.]
(Republished With Amendments)