Revise Income Tax Return Filed Earlier – What you need to Know

Contents
Introduction Time Period to Revise the Income Tax Return Filing Revised Return
Revised Return – Important Points to be Noted FAQ’s on Revised Return
If an assessee has filed the original or first return before the due date, then he may revise the original return. In case of revising the original return, the assessee has to choose the option of revise turn in place of original return. On choosing the „Revised‟ return option, assessee needs to provide the Original efiling acknowledgement number and date of filing the original return. Further, the assessee is required to select the section of return filing as 139(5).

The Revised Return must be filed by the assessee before the assessment is made.The Income tax Act doesn’t have any limit in respect of the Number of Time for which the return of income may be revised by the assessee. Hence a revised return can be done as many times.

However, be aware that,  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.

Time Period to Revise the Income Tax Return

Section 139(5) says that 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 a return of Income filed for A.Y 2013-14 can be revised till 31st March 2015 or before the completion of the assessment whichever is earlier.

Filing Revised Return

Filing Revised Return is the same as filing a Normal original Return. What makes a Revised return different is that you must mention that it is a revised return and enter the acknowledgement number of the original return. The same is shown in the Image (Example ITR1 Form) below.

Revised Income Tax Return

Revised Return – Important Points to be Noted

  • You cannot revise your return if income tax department has already done the assessment of your return.
  • If you have missed any deduction or income in the return then, you can revise it.
  • If some information comes to your knowledge after filing the return you can revise it.
  • The Receipt Number & the Acknowledgement Number is must for the re-filing of the return.
  • Revision is allowed only if the omission was unintended.
  • 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 deliberate, the assessee will be penalized.
  • No need to pay interest u/s 234A ,if any tax due, but you have to pay u/s 234B, u/s 234C interest if due
  • You can only revise the return if the original one was filed on time before the due date.
  • Belated returns cannot be revised
  • You can file a revised return only in case of ‘omission or wrong statements’ and not for ‘concealment or false statements’
  • Returns can be revised when it is 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.
  • If the returns are revised before the notice under Section 148 is issued, then there is no penalty.
  • 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.
  • Revised returns have a higher chance of having A Scrutiny Letter from the department.
  • 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.
  • 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.
  • If the assessee 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.
  • 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 then no penalty can be levied.

FAQ’s on Revised Return

1) 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 assessment by the Department is completed; whichever event takes place earlier.

2) I have filed the original return as paper return. Can I file the revised return as e-return?

Answer: No

3) I have filed the original return as e-return. Can I file the revised return in paper-form?

Answer: No

4) 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.

5) Can an e-return filed with one ITR Form say ITR-1 be revised in any other ITR Form?

Answer. Yes. However, the taxpayer should use the form as applicable.


'Revise Income Tax Return Filed Earlier – What you need to Know' have 9 comments

  1. July 30, 2013 @ 6:10 am Vincent A. Anthony

    Filed a NIL TAX Return wrongly and was intimated a Refund of Rs. 7601 for the AY: 2013-2014. (Date of E-filing 29/07/13)

    Reply

  2. July 30, 2013 @ 6:15 am Vincent A. Anthony

    On the same date intimated to IT Department about the error via the “Submit Request” option and asked about how to submit a Revised Return but they wrote back that there is no option to rectify the error.
    TDS is correct for my Salary received and every other aspect is OK.
    So, do i need to send the ITRV form where Refund is mentioned?

    Reply

  3. July 30, 2013 @ 6:19 am Vincent A. Anthony

    Unless i send the form i don’t get the Acknowledgement Receipt. Unless i get the acknowledgement receipt i will not be able to Submit a “Rectification Request” option online.
    On the Other hand if i do the above then actually the refund will be deposited into my bank account which actually should not be the case.
    Really worried.

    Reply

  4. August 2, 2013 @ 6:51 am Nidhi Shukla

    I have filed e-return on 30/7/2013 but it has to be revised as i have made entries pertaining to my present employment and did not make the entries pertaining to the previous employment in the same assessment year. how do i go about it?

    Reply

  5. August 4, 2013 @ 3:37 pm bhavesh

    i have income from salary & housing loan as per form 16 i have wrongly file itr 1 form what are now do for revise or revise is possible for changing itr 1 to itr 2 form

    Reply

  6. January 28, 2014 @ 9:29 am rakesh raman

    I miss the incom tax return 2013-14 till date.what to do.i have a salaried gov job.

    Reply

  7. February 22, 2014 @ 7:26 am monica

    Sir i wanted revised returns of AY 2011-12. i Have Paid the Tax As per Revise returns computation. Now to Upload my returns is not taking because time to revised returns is completed. Now how can i Take Back My amount which has been paid.

    Reply

  8. April 29, 2017 @ 2:28 pm Chaitanya

    I have filed my income tax return for AY 2016-17 and my refund was 12000/- and later I have revised my return on the same date due to wrong income declared then my refund was 32000/- IT Dept has credited the amount of 12000/- ,to my bank account, It means they have considered original return , so my question is what can I do further to intimate Dept to accept revised return

    Reply

    • May 1, 2017 @ 2:25 am Joshua

      Please check for an intimation u/s 143(1) in your registered mail inbox. The Intimation will clearly show what is the income considered by the department and how the refund has been arrived. Then you can make a rectification request. However you cannot file revised return if your original return has been filed after due date.

      Reply


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