REVISED INCOME TAX RETURN

In the intricate world of income tax filings, mistakes can happen, oversights may occur, and circumstances may change. Fortunately, the income tax system acknowledges this, providing taxpayers with the opportunity to rectify errors through the process of filing a revised income tax return.

Filing a revised income tax return provides taxpayers with a valuable opportunity to correct errors and update information that may have been missed in the original filing. By understanding the process and adhering to the relevant timelines and guidelines, taxpayers can ensure compliance and maintain accurate financial records.

Revised return filed u/s 139(5) as revision for the original return. It is a revision for any omission or mistake made in the filing of that original return.

Return eligible for revision

• The original return filed u/s 139(1).
• The belated return filed u/s 139(4) can also be revised now.

Time Limit of filing Revised Return

The revised return under Section 139(5) has to be filed by 31 December. It can be filed even if the original return has been processed by the tax department. There is also no limit to the number of times that the tax return can be revised.

For the revised return related to the financial year 2022-23 (assessment year 2023-24), the deadline is on or before 31st December 2023, provided the assessment of the original return has not been completed before that date.

For example:

If an assessee files the return for F.Y. 2022-23 (A.Y. 2023-24) on 8th July 2023. And later on, if he discovers some mistake, then he can file a revised return of Income Tax anytime up to 31 Dec 2023.

Provisions for Filing of Revised Return

• Revised return can only be filed only after the submission and verification of the original return.
  
  
• The acknowledgment number received after the filing of original return should have to be with the assessee. It is written in ITR V.
  
  
• The Revised return can be filed either in the same ITR Form in which the original return was filed or it may be filed in a different ITR Form.
  
  
• From F.Y. 2017-18 onwards, Belated Returns filed under section 139(4) which had been filed by the assessee for any year can be revised as per section 139(5) if he discovers any omission or any wrong statement therein.
  
  
• It should be noted that if you have received the refund of Income Tax, that does not mean that your assessment is complete. You can still revise your income tax return even if you have received Income Tax Refund. For income tax refund, intimation under Section 143(1) is sent which is different from the assessment above.

Penalty for filing Revised Income Tax Return

tax return will be treated as revised only if the original return was filed by the due date, that is, 31 July 2023, and was e-verified within 30 days of e-filing. If it wasn’t filed by the due date, the return will be treated as a belated tax return and the taxpayer will be levied late fees under Section 234F. Belated returns can be filed by December 31, 2023 too by paying a penalty of Rs 1,000 (for income between Rs 2.5 lakh and Rs 5 lakh) and Rs 5,000 (income above Rs 5 lakh).