Revised return u/s 139(5) of income tax act

Revised return u/s 139(5) of income tax act means if a person having furnished the ROI within the time allowed under section 139(1) https://taxandfinanceguide.com/section-1391-of-income-tax-act/ OR 139(4) and discovers any error or omission or any wrong statement . Then he may furnish a revised ROI at any time before the end of relevant assessment year or before completion of assessment whichever is earlier.

Revised return can be filled by an assessee only if original return has been furnished under section 139(1) of income tax act. And as per amendment belated return u/s 139(4) can also be revised.

In brief if you have filed return later you have identified some error made while filing the original return . In such case you can revise your return by rectifying error under section 139(5).

For instance, you have filed original return on 1st july 2022 and later on 22nd August 2022 you discover that challan serial number left blank than you can rectify by revising your return.

Points covered

• What is the time limit for filing revised return u/s 139(5)?
• When do you file revise return?
• How to file revise return?
• Important points to keep in mind before filing revise return
• Frequently asked question

What is the time limit for filing revised return u/s 139(5) of income tax act?

Revised return can be furnished at any time before the last date of filing return or before completion of assessment whichever is earlier. For instance you have filed return for FY 2021-22 on 31st July 2022 then you can revise your return till 31st December 2022 or before completion of assessment whichever is earlier.

Further , return can be revised at any time. There is no restriction on number of time a return can be revised but subject to the time limit as prescribed above.

When do you file revise return u/s 139(5) of income tax act?

Return of income can be revised on your own or revising in response to any notice.

A) When do you revise return on your own?

Return of income can be revised on your own when you discover an error or omission made while filing original return. And want to disclose income or information which is wrongly stated or omitted in original income tax return.

For example:

->Rectify personal details like Bank details, mobile number, email, Aadhar number, or any other details etc.

-> If you forgot to disclose any additional income .

-> Filed return using ITR form which is not correct etc.

B) When do you revise return in response to any notice?

If intimation or any notice specifies outstanding demand i.e. tax calculated and paid by you is less than tax computed by IT department and if you agree. Then assessee pays demand and file revise return u/s 139(5).

How to file revise return u/s 139(5) of income tax act?

Following are the steps to file revise return:

1. Login to e-filing portal with PAN and password. On dashboard, click on income tax return -> file income tax return
2. Next select relevant assessment year and tap on continue
3. Now select ITR type and choose relevant section [i.e. for revise return section 139(5)] and continue.
4. Finally attach JSON file and proceeds to sbmit.
5. Thereafter, e-verify revise return.

Important points to keep in mind before filing revise return u/s 139(5) of income tax act

Before filing revised return one should keep in mind following points.

• Revise return allows you to rectify error or omission made at the time of filing original return.
• Return can be revised only if original return is furnished.
• Before revising ensure that original return has been successfully e- verified.
• Enter acknowledgement number and date of filing revised return.
• You can file revise return if return has already been processed.
• Revise return also needs to be e-verified.

Frequently asked question

1. Can i further revise the return as i have already revised ?

Yes, return can be revised at any time. There is no restriction on number of time a return can be revised but subject to the time limit as prescribed above.

2. Can i revise my return which is filed after due date?

Yes , you can revise your return which is filed [belated return u/s 139(4) ]after due date.

3. When do you file revise return u/s 139(5)?

Return of income can be revised on your own or revising in response to any notice.

4. What is the time limit for filing revised return u/s 139(5) of income tax act?

Revised return can be furnished at any time before the last date of filing return or before completion of assessment whichever is earlier. For instance you have filed return for FY 2021-22 on 31st July 2022 then you can revise your return till 31st December 2022 or before completion of assessment whichever is earlier.