Section 139(5) - Filing a Revised Return

When can a revised return be filed? Section 139(5) is your answer.

Filed your income tax return without claiming the credit of the tax deducted at source in your name? Or accidently entered certain incorrect details with respect to your personal information in your income tax return? Or forgot to disclose certain information with respect to the additional income earned by you during the year in come your income tax return?

Don’t worry; the income tax act gives you the opportunity to correct the above mentioned mistakes by filing a revised income tax return u/s 139(5). But the most important criterion one must keep in mind is that, the original return must be filed within the due date specified u/s 139(1). A belated tax return cannot be revised.

Following are the other conditions one has to satisfy in order to file a revised return u/s 139(5):-

1.     A revised return can only be filed if the taxpayer discovers any omission or wrong statement in the return originally filed.

2.     A revised return can be filed anytime before the expiry of one year from the end of the relevant assessment year, or before the completion of the assessment, whichever is earlier.

Following are a few other key points with respect to filing of revised income tax return u/s 139(5):-

1.     A second revised return can be filed for correcting any omission or wrong statement made in the first revised return.

2.     If the taxpayer wishes to file a revised return even after he or she has received an intimation u/s 143(1), he/she can do so and such a revised income tax return shall be considered as valid by the concerned assessing officer.

3.     At the time of filing the first or second revised return, it is imperative that the taxpayer keeps handy the acknowledgement number and the date of filing of the original return.

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Created on May 20th 2022 10:40. Viewed 148 times.

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