Section 139(5): Revised Return

Important Keyword: 139(5), Income Tax, Income Tax Filing

Section 139(5): Revised Return

Filing a revised tax return under section 139(5) of the Income Tax Act allows taxpayers to rectify inaccuracies or add any missing information by submitting a revised return. This option is particularly helpful if taxpayers initially filed their returns with incorrect details or forgot to include certain data.

Revised return under section 139(5)

Section 139(5) of the Income Tax Act allows taxpayers to revise their original return if they discover any errors or if they failed to report any income or expenses. Additionally, if the tax department issues a notice, taxpayers have the option to submit a revised return in response to the notice. However, there are important points to consider when revising a return:

1. The revised return will replace the original return once it is filed.
2. When revising the return, ensure to select the filing section 139(5) and provide details of the original return.
3. Before filing the revised return, ensure that the original return was timely e-verified.
4. Even if the return is filed after the due date (i.e., belated return), a revised return can still be filed.
5. Taxpayers can revise their ITR even if the original/belated return has already been processed.
6. It is mandatory to e-verify the revised return within 30 days of filing it.

When a Revised Return can be filed?

Revising on your own:

1. Rectifying errors or mistakes made in the original Income Tax Return.
2. Disclosing income or information not reported in the original Income Tax Return. For instance:
   • Rectifying personal details like residential status, address details, bank details, Aadhaar number, email or mobile, nature of business code, etc.
   • Filing using the incorrect Form.
   • Missed reporting any additional income, foreign income, or foreign assets.
   • Incorrect deduction claimed in the original ITR filed.

Revising in response to a notice:

1. Agreeing to a mismatch in the notice for the proposed adjustment under Sec 143(1)(a).
2. Paying outstanding demand as per Sec 143(1) and then revising the ITR.
3. Defective return notice issued u/s 139(9). For instance:
   • Filing a belated income tax return with carrying forward losses, resulting in a notice under sec 143(1)(a)(iii). Resolve this by filing a Revised return after rectifying the error.
   • Difference in the amount of income as per ITR and gross amount as per Form 26AS, resulting in a notice under sec 139(9). Resolve this by filing a Revised Return after rectifying the error.

Note: A revised return can be filed any number of times for a particular financial year provided that it is filed within the specified due date

Time limit to file Revised Return

As per section 139(5) of the Income Tax Act, the income tax return can be revised at any time 3 months before the end of the assessment year or before the completion of the assessment process, whichever is earlier.

For example, if Priya filed her income tax return on 7th July 2023 for FY 2022-23, but later realized that she missed reporting certain incomes and deductions, she has the option to revise her ITR u/s 139(5) on or before 31st December 2023, by making all relevant corrections in the return.

Further, if she had filed a return on 6th August 2023, she would still be able to revise the belated return on or before the due date, i.e., 31st December 2023.

Steps to file Return u/s 139(5)?

The taxpayer can revise their return by following these steps:

Log in to the e-filing portal

Log in to the e-filing portal and navigate to e-file> Income Tax Return> File Income Tax Return.

Or, click on the file revised return option from the dashboard.

Select the relevant details

Select the Assessment year, Mode of filing, Filing type (revised return), audit option, and ITR type accordingly.

Attach JSON

Attach the JSON file to upload the return and then proceed for verification

E-verify return

To submit the return it is mandatory to do e-verification within 30 days of submitting the same.

Submit the return

Once the e-verification is done, the success message will be displayed along with the transaction ID.

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Official Income Tax Return filing website: https://incometaxindia.gov.in/