All about revised Income Tax Return

If an assessee has filed his income tax return under section  139(1) of Income Tax Act, 1961  within the due date  or in pursuance of a notice served upon him according to the provisions of section 142(1) of the Act, and he discovers that he has made few errors or wrong statements in his return which were unintentional and there were some inadvertent mistake on his part, then he can revise the  return filed as per section 139(5) of Income Tax Act at any time before completion of one year from the end of the assessment year or before the completion of assessment.

The procedure for revising the return:

The procedure is simple in case of revision of returns. To do so an assessee can use both the online and manual methods.

One can revise returns online if he has filed the original return online and has the acknowledgement number and the date of filing the said return. However one cannot file returns online in other cases.

The department checks the original details when the returns are revised. If the original return is not found, an error appears.

The revision should be filed in the same ITR  Form in which the original one was filed. Upon filing the new return the original return filed according to section 139(1) is considered to be withdrawn and the same is considered as substituted by the new one.

Can revised return be filed even after notice for scrutiny is served?

According to the income tax case decisions, revised return can be filed even after notice for scrutiny under section 143(2) of the Act is served, if there is time for filing revised return as per section 139(5) of the Act.

How many times can an individual revise his return?

There is no limit as per the provisions of the Income Tax Act regarding the number of times for which one can revise his return of income. But in case someone intentionally files a false return, he will be liable to be imprisoned and such offence shall not be condoned upon filing a revised return.

When can one revise his return?

If an assessee gets the knowledge of some new document or fact after filing his return, he can revise it. Bit one cannot revise his return if the income tax department has already assessed his return.

If an assessee has missed any deduction or any part of his total income in his filed return, he can file a revised income tax return.

Revision is allowed only in case of unintentional mistakes in income tax return. One cannot avail the provisions of Section 139 (5) of the act if he has made any fraud in his filed return. Section 139 (5) does not apply in case there is any kind of concealment or false statement.