Article

Filing Revised Return of Income Tax
June 19 , 2013

It is possible to make revision in filed Income Tax returns if you realize there were errors. This is absolutely legal and is allowed under section 139 (5) of the Income Tax Act.

Who can make revision in ITR?

Anyone can file revised return of tax if they are in one of these two situations:

1. ITR for relevant assessment year was filed by due date and you discover error later

2. Assessing officer has sent you an inquiry notice before assessment of your return under section 142 (1)

Thus if you fail to file tax return on time and file it belatedly you lose the right to revise it.

Type of revision allowed in return

If you missed declaring an income you can revise this through a revised return. Or if there is mistake in any other statement you can correct the error by filing a revised return. For instance if you realize you forgot to declare interest from PPF (which is tax-exempt) you can go back and file a revised return of income.

The mistake you are correcting should have been unintentional by all means; else it can land you in trouble. Especially if you file revised return and make change of very huge sums, this raises chances of the return being picked up for scrutiny. Not anything to worry about, as long as your tax dues are clear.

Last date for filing revised I-T return

You can revise your income tax return any time until completion of 1 year from the end of relevant assessment yearor before your assessment is done by the tax department, whichever is earlier. For instance if you file ITR in June 2013 for the financial year 2012-13 you can file revised return before  31 March 2015. Although there is no restriction on the number of times you can revise your I-T returns, you would definitely not want to keep doing it again and again.

How to file revised return?

If you are eligible to file revised return, the same procedure for filing original return is to be followed. The same ITR form would be used unless there is a change in your sources of income.

You can file revised return manually in paper format or electronically. If original return was filed manually then revised cannot be filed electronically because your file may or may not have been uploaded in the system.

If filing revised return in paper format you need to tick 'revised' in section on Filing Status of ITR form and also provide receipt no and date of filing of original return.

Filing revised tax return online

We recommend filing revised return online only if original return was also submitted online. The reason is, when you submit a revised return the system first searches for the original return submitted. If it does not find it the revised return may be rejected. If you filed original returns manually there are chances your record has not been punched into the system yet and your revised return might be rejected.

The same procedure as followed in filing original e-return applies. You will need to select 'revised' option and provide acknowledgment receipt no.

Caution

The liberty to make revision in Income Tax return should not be taken for a ride. Remember that revised returns are more likely to be chosen for scrutiny and if they find any omission was purposeful, especially if income has been revised higher, you could be penalized with a fine or even imprisonment.

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