Simplest and easiest way to revise return under section 139(5)

What is Revised Return?

If an assessee has already filed the return before due date and subsequently he discovers that there is any omission or incorrect statement, in this case he can file the return again with some additional and necessary modification. The process of re-filing the ITR is known as Revised Return.

When to file revised return?

It is really a good thing that assesses can file their ITR before the due date notice u/s 139(1) of Income Tax Act, 1961. When you are in hurry to meet the due date or deadline, here are chances that he may have made some incorrect statements or have forgotten to mention some income. What will happen if your income tax return has been filed before the due date but there were mistakes made in filing the ITR? There is no need to worry or panic as a revised return of IT u/s 139(5) can be filed by adding the correct statements. A revised return might be filed by the tax payers at any time before due date. There are no limitations in respect of the total number of time; a return of income tax will be revised by the assessee.

For example an assessee can revise I-T return if

• If he has missed disclosing or declaring an income.
• If there is a mistake made in statement that you can correct by re-filing a return.

Procedure of filing Revised Return u/s 139(5)

In order to file a revised ITR gather following information:

1. Receipt Number of original Income tax Return.
2. Date on which Original Return was submitted.

Steps to revise an ITR:

• Log on to www.incometaxindiaefiling.gov.in.
• Make ITR just as filed at the first time, filling or correcting what you had forgotten earlier.
• Go to part of Income Tax Return with Filing Status
• There are two options i.e. Original or revised return. You must select R-Revised.
• Then select Revised 139(5) for filing ITR under section.
• Enter the e-filling receipt number or acknowledgment number of the original return.
• Click on submit button after the completion of data. Then a new ITR-V is generated marked as revised return.
• After receiving the new ITR-V form marked as revised return, you have to send both old and new ITR-V forms to Income Tax department (Bangalore) within 120 days.