What is Sec 139(5)?

Sec 139(5) is a prominent regulation under the Income Tax Act. Under Section 139 (5) of the Act, an assessee is provided with a chance to revise his/her return.

For example, if a particular registered taxpayer has made a mistake during ITR Filing like (but not limited to):

• Wrong form selection for ITR Filing

• Incorrect personal details like name, bank details

• Income mismatch with Form 26AS

• Wrong residential status

• Non-disclosure of foreign income source or foreign asset

Then, in such an event, the taxpayer is allowed to file a revised return by filling correct information as per the provision of Section 139(5) under the Income Tax Act.

Last date to file revised return

The last date of file revised return is before the end of the relevant assessment year for all registered taxpayers in India, as per Section 139(5) of the Act. For example, the last date of revised return filing for the AY 2018-19 (FY 2017-18) for taxpayers would be on or before March 31, 2019, or completion of the assessment, whatever falls earlier.

The noteworthy point is the recent amendment in section 139 (5) of the income tax act. Before AY 2018-19, the revised return could be filed by the taxpayers before the expiry of the one year period after the end of a relevant AY. For example, revised returns for AY 2016-17 could be filed by the taxpayers any time before March 31, 2019, i.e., one year after the end of the given AY. So, after the amendment, the taxpayers now only have a one-year time period to file their revised returns, unlike the earlier two-year time period (effectively).

Who can file revised returns?

All the registered taxpayers who have filed their tax returns are eligible to file a revised return.

In simple terms, if you have filed a tax return, then you are automatically eligible to revise it (in case of an error in filed ITR).

Revised ITR Eligibility (in case of Missing the Tax Filing Due Date)

Now, you must be wondering about a scenario where you file your tax return after the due date? Will you be to file a revised ITR in that case? Yes, you are allowed to file a revised Income Tax Return in case of belated returns.

As per the income tax act, a belated return can be revised. Although, this case was not applicable until AY 2017-18. Only those returns were allowed to be revised that was filed before the due date as per Section 139(1) of the Act.

Revised Return Filing Procedure through Income Tax Website?

Filing a revised income tax return is extremely easy and more or less similar to filing an original return on an official income tax website. A revised return can be directly filed through income tax filing website, in case of ITR 1 & ITR 2.

Here are the detailed steps for the same:

Step 1: Taxpayers, at first step, must log-in to their official account on the income tax website.

Step 2: Go to File Income Tax Return → Prepare & Submit Online.

Step 3: Once the ITR form is one, visit the Part A General Information, then click on the option “Return Filed”.

Step 4: From the drop-down list shown, select point 17. The ITR form will request for the original return receipt number & date of filing return.

Step 5: Lastly, you should provide all the new/revised details and file your return successfully.

The revised return for ITR 2, ITR 3, ITR 5, ITR 6 & ITR 7 can be filed through uploading offline utilities only.

After filing the revised return, it must be verified by the taxpayers ( either online or offline). Failing to verify the revised ITR by taxpayers might cause their original return to be marked as a failed return by the taxman. file Revise income tax returns via Gen IT Software can be filed multiple times by the taxpayers until they correct all the mistakes in the filed ITR.

A specific number for how many times a revised return can be submitted is not disclosed by the income tax department till now. Hence, it is highly recommended to file the revised return (if required) only once, with all the correct revisions. Filing more than one revised return can be extremely cumbersome and may attract the unwanted attention of income tax authorities.

Conclusion

It is common for any human being to make mistakes while doing any particular activity. Mistakes in ITR return is a mere example of this well-known fact and the Income Tax Department also acknowledge it. Hence, sections like 139(5) of the Act provide an opportunity for the taxpayers to rectify and correct their mistakes in the form of revised return.