Under Income tax law revised return is dealt in section 139(5). Now first question which must come to your mind that why there is concept of revised return. Revised return in simple words can be termed as return which is filed to correct error or mistake i.e. correct return. While filing ITR whether original return i.e. return filing for the first time for any assessment year or revised return, person may make some mistakes or error i.e. Human error, that is why Income tax law recognizes this problem or human error and allowed a person to c13orrect his mistake by filing revised return.

Right to file revised return is statutory right which has been given by section 139(5) therefore there is no need to take any permission from Assessing officer or no need to make any application to AO for filing revised return

There is no cap on maximum number of filing revised return so revised return can be filed for multiple times without any cap on maximum number of revised return.

While filing revised return, person (whatever is applicable ITR form (form ITR 1 to ITR 7 as the case may be) has to give original return acknowledgement number (whether filed upto due date or filed belatedly i.e. after due date (you can also refer our article on belated return)) with the date of filing original return. As you must be aware that amendment (vide Finance Act, 2016) has been carried out in section 139(5) to grant revision right to person who has filed belated return so now belated return can also be revised .

Return can be revised even after processing of return i.e. after receipt of intimation, under section 143(1) of the Income-tax Act, 1961.

Loss return filed under section 139(3) can also be revised.

There is time-limit upto which revised return can be filed and such time limit is provided in section 139(5). Revised return can be filed at any time before expiry of the relevant assessment year (e.g. assume you have filed your original return on 5th July 2020 for AY 2020-21 now you could have filed revised return for AY 2020-21 upto 31st March 2021 and in this example it has been assumed that till 31st March 2021 assessment has not been completed) or before completion of the assessment whichever is earlier.

Finance Act, 2021  has once again reduced time limit for filing revised return because of massive technological upgrade in the Department where the processes under the Act are moving towards becoming faceless and jurisdiction-less, the time taken to conduct and complete such processes has greatly reduced. Therefore from assessment year 2021-2022 revised return can be filed at any time before 3 months prior to end of the relevant assessment year or before completion of the assessment whichever is earlier.

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Disclaimer – Author has exercised utmost care while writing this article, but still this article may contain some error or mistake and no part of this article/writing should be construed or considered as any advice or consultancy whether professional or otherwise.

Author may be reached at [email protected] or [email protected]

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Qualification: CA in Practice
Company: KARACT FILINGS
Location: New Delhi, Delhi, India
Member Since: 26 Jan 2018 | Total Posts: 26
Chartered Accountant having more than 6.5 years of very rich experience in the field of GST, Custom, Income-tax, Company law, LLP law, Corporate law, pre-GST regime indirect tax laws (VAT, Service tax,, Excise law etc.), FCRA, FEMA, Accounting, Financial reporting, Ind-AS, IFRS, stock market etc. View Full Profile

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