At the time of filing our Income Tax Return (ITR), sometime it may happen that we make a mistake while filing our ITR at last minute. These could include mentioning the wrong bank account details, forgetting to declare interest income or claiming the wrong deduction.
However, not to worry about that, if you have made a mistake then income tax laws allow you to correct it. Section 139(5) of Income Tax Act, 1961 allows taxpayers to file a revised income tax return, if taxpayers discovered the mistake after filing the original income tax return.
This section states that, if someone after filing their return discover any omission and wrong statement, then he can furnished a revised return any time before:
(a) End of relevant assessment year;
OR whichever is earlier
(b) the completion of assessment.
Assessment year is the year immediately following the financial year for which return is filed. So, if you have made a mistake in your ITR, then you can file a revised return.
Once a revised return is filed, it replace the original return.
A revised return can again be revised, which means a second revised return can be filed under section 139(5) for correcting any omission or wrong statement made in the first revised return.
A belated return under section 139(4) can be revised.
A loss return can be revised.
What is a Revised return
Revised return allows taxpayers to rectify the error or omissions of facts made at the time of filing your original ITR. Filing a revised return simply means filing your return again but with the correct information.
Who can file it?
Every assessee who has filed his/her ITR is entitled to revise it under section 139(5). Earlier, only those taxpayers who had filed ITR before expiry of deadline were allowed to revised their returns.
Taxpayers who had filed belated returns, i.e. after the expiry of original deadline to file ITR were not allowed to revise it. However, now even belated returns can now be revised.
Last date to file Revised ITR
Earlier tax laws allowed taxpayers to rectify their mistakes or file revised return till one year after the completion of assessment year, which is reduced from FY 2018-19.
Starting from FY 2018-19, time limit to revise the ITR has been reduced. According to current Income Tax laws, you only have time till the completion of relevant assessment year to rectify your mistakes, which means once you have filed ITR for FY 2019-20, you have time till March 31, 2021 to correct your mistakes.
How to file Revised ITR
The process of filing a Revised ITR is the same as filing an original one. You are required to file Revised ITR under section 139(5) of Income Tax Act. You are required to select option "Revised under section 139(5)" in the "return filed under" column. The ITR form will additionally ask you for details of original ITR, like receipt number and date of filing of original return.
How many time you can file a Revised return
There is no limit for the number of times you can file a revised return. Every time you file a revised return, you are required to provide details of original ITR. "Revising your tax return is a chance for you to rectify your mistakes".
Once you have filed your Revised ITR, ensure the verification of the same. To verify your revised Income tax return, you can use methods to verify your ITR, i.e. e-verification by using electronic methods such as Aadhar, OTP, EVC through net banking or physical verification by sending signed copy of ITR-V.
Once the scrutiny assessment of your ITR is completed under section 143(3) of Income Tax Act by the assessing officer, then you cannot file a revised return.
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