Filing of Revised Return under Section 139(5) of Income Tax Act

Filing of Revised Return under Section 139(5) of Income Tax Act- means, if you have found any error or omission in your filed return, you can rectify your return, when you rectify your return or filed it i.e. called revised return u/s 139 (5). After filling of revised return, the original return shall be deemed to be withdrawn or say the revised return take place against earlier filled original return.

Revised return can be filled before the completion of relevant assessment year or before the completion of assessment, whichever is earlier.

Example-

Answer-

Mr. X can revised their return on or before 31.03.2019 i.e. before the completion of relevant assessment year i.e. 2018-19 or before the completion of assessment, whichever is earlier.

Assessment order passed under section 143 (1) shall not be treated as completion, for revision of return, i.e. return can be revised after order passed under section 143(1). Assessment order under section 143(3) or section 144 is considered as completion of assessment.

There is no restriction on number of times, to a return can be revised but it can be revised within the time period as prescribed i.e. before the completion if relevant assessment year or before the completion of assessment, whichever is earlier.

Mr. X has filled his return on 25.06.2018 i.e. before the due date and also revised the return on 15.07.2018, he can further rectify his return before the completion of relevant assessment year i.e. 2018-19 or before the completion of assessment, whichever is earlier.

• Belated Return filled u/s 139 (4) can be revised return u/s 139 (5) if he discovers any omission or wrong statement therein. It can be revised before the completion of assessment year or before the completion of assessment, whichever is earlier.

• Section 139(5) will apply only in case of “omission or wrong statement” and not in cases of “concealment or false statement” i.e. return can be revised if the mistake in the original return due to unintentional or if a person filled return fraudulently the return cannot be revised.

• On the filling of the revised return u/s 139 (5), the original return filed u/s 139 (1) or 139 (4) shall be deemed to be withdrawn.

• If you have received the refund of income tax or Intimation under section 143 (1) shall not be treated as completion of assessment, for revision of return, i.e. return can be revised after order passed under section 143(1).

• It is mandatory to mention the date of filing and acknowledgement number of the original return, when filing the revised return.