An assessee who is required to file a return of income is entitled to revise the return of income under Section 139(5) of Income Tax Act, 1961 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 end of the relevant assessment year or before the assessment is made whichever is earlier (upto A.Y 2017-18 the return can be revised at any time before the expiry of one year from the end of relevant assessment year or before the assessment is made whichever is earlier). Section 139(4) and 139(5) – Time limit for filing belated return reduced

However, if a person deliberately files a false return he will be liable to be penalty u/s 271(1)(c) upto A.y 2016-17.(wef A.y 2017-18 penalty shall be levied under section 270A and Assessee may be imprisoned under section 277 and the offence will not be condoned by filing a revised return.

As per Section 139(5): a revised return may be filed by the assessee at any time before the end of the relevant assessment year or before the assessment is made whichever is earlier (upto A.Y 2017-18 the return can be revised at any time before the expiry of one year from the end of relevant assessment year or before the assessment is made whichever is earlier. Thus return of A.Y 2018-19 can be revised till 31st March 2019 or before the completion of the assessment whichever is earlier and return relating to A.Y. 2017-18 can also be revised till 31.03.2019

Point to Remember for filing of Revised Income Tax Return under Section 139(5) of Income Tax Act, 1961

1- Revise Income Tax tax returns can be filed under Section 139(5) of Income Tax Act, 1961 before the end of the relevant assessment year or before the assessment is made whichever is earlier (Up to A.Y 2017-18 revise return was allowed to be filed before the expiry of one year from the end of relevant assessment year or before the assessment is made whichever is earlier). For the financial year 2017-18 one can file the revised return up to 31st March 2019.

2- You can’t Revise Your Income Tax Return under Section 139(5) of Income Tax Act, 1961 if income tax department already did the assessment of your return.

3- If you missed any deduction or income in the return you can Revise Your Income Tax Return.

4- If some information come to your knowledge after filing the Income Tax Return You can Revise Your Income Tax Return.

5-The receipt no. & the acknowledgement no. is must for revision of Income Tax Return under Section 139(5) of Income Tax Act, 1961.

6- Revision of Income Tax Return under Section 139(5) of Income Tax Act, 1961 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 your Income Tax return, the original stands withdrawn. If the omission(s) in the original Income Tax 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. However wef from A.Y 2017-18 belated Income Tax returns under section 139(4) can also be revised.

9- You can file a revised Income Tax return only in case of ‘omission or wrong statements’ and not for ‘concealment or false statements’

10- Income Tax Returns under Section 139(5) of Income Tax Act, 1961 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 (W.E.F. A.Y. 2017-18 the penalty shall be 50 percent of tax payable on under-reported income and 200 percent of the tax payable in case of mis-reported income

12- If the Income Tax 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)

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)

More Under Income Tax

Posted Under

Category : Income Tax (27868)
Type : Articles (17575)

165 responses to “Section 139(5) – Revised Income Tax return”

  1. sanjeev kumar says:

    sir, i have filed return u/s 148 for a.y. 2011-12 in may 2018 after received a notice from department . on checking the record after return filing , i find another income not shown in my return. can i file the return u/s 139(5) with high income and with more tax , please advice , highly obliged

  2. Upendra Chauhan says:

    Sir, is it compulasory to Post original return to return to bangalore with revised return.

  3. SUBHASH SAWANT says:

    Sir I have e-filed return which is assessed. But due to
    Tan no. mismatch with form 26as i got part amount of
    refund. How I claim balance refund. Pl guide me.

  4. ANUP PATIL says:

    Sir, I have filled ITR-4 form instead of ITR-1. Is it possible to revise it now b filling revised return in ITR-1 section?
    Plz help, Thank you

  5. Mudit Mehrotra says:

    Sir, If I have filled the ITR1 but didn’t e-verify and came to know that I had to file ITR2. Please confirm whether the ITR2 to be filled as original or revised under section 139(5). Regards

  6. ashish tambi says:

    sir whiel filing revised ITR by msiatke i put wrong date of original return. is it ok?

  7. prasad says:

    Sir
    I have filed my income tax return admitting the income from business at 5,20,000/- for the AY 2013-14 on 30-06-2013 and later I realised that I have omittted to claim interest and revised my income tax return and filed with loss of Rs.1,26,000/- on 25-05-2014. Please clarify whether I am eligible for carry forward of loss or not.

  8. s narsing rao says:

    Sir I have filed one return in IRT3 instead of ITR 4 for ass. year 2017-18, can i revise the return with ITR 4 showing under 44AD with lower income compared to original return

Leave a Reply

Your email address will not be published. Required fields are marked *

Featured Posts