If an individual files the income tax return before the deadline, but detects an omission or mistake, the Income Tax Act allows him to file a revised return under Section 139(5) after making the correction. The original return is withdrawn and substituted by the revised return. The common reasons for revising it include not disclosing income, not claiming deduction or a mistake in data.
A revised return can be filed within a year of the end of relevant assessment year or before the completion of assessment, whichever is earlier. The return can be revised any number of times before the expiry of deadline.
The process of filing a revised return is the same as filing an original return and correcting the mistake. However, the return must be tagged as 'R-Revised under Section 139(5)'.
Details of Original
The e-filing acknowledgement number for the original return and its date of filing must be disclosed.
The ITR-V forms for both the original and revised returns must be sent to the Income Tax Department, Bengaluru, within 120 days of filing the revised return.
Points to note
- The revised return must be filed in the same mode (electronic/physical) as the original return.
- It cannot be filed if the original return was filed after the due date.
- It can also be filed using a different ITR form, if so required.
- There is no fee or charge payable for filing the revised return.