When & How to Revise Income Tax Returns

It is not uncommon for taxpayers to commit errors or miss out important information while filing tax returns. Income-Tax laws provide for a mechanism to correct these mistakes by allowing you to file a revised return. Let us understand how to file a revised return.

When a return can be revised?

As per Section 139(5) of Income Tax Act, 1961 any person having furnished return of income under section 139(1) or (4) of the Act, discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the end of the relevant assessment year.

Returns can be revised to correct errors that might have crept into the earlier return filed or to include information that had been inadvertently missed out to be provided earlier. Some of the scenarios where a return can be revised are as follows:

(i) Personal details have been incorrectly mentioned in the earlier file return.

(ii) Bank account details have been incorrectly mentioned.

(iii) Non-disclosure of exempt income in the return of income.

(iv) Forgot to claim applicable deductions which can eligible to claim.

(v) Missed claiming credit for taxes deducted at source. etc.,

While filing revised return details of earlier return filed such as filing date and acknowledgment number should be given.

Time limit for filing a revised return:

A revised return for Assessment Year (AY) 2018-19 must be filed on or before the end of the AY, that is, on or before 31 March 2019. However, for returns filed prior to Asst. year 2018-19, there was a time limit of one year from the end of the Assessment year that was available for revising the returns.

How many times a return can be revised?

There is no restriction on the number of times a return can be revised as long as it is within specified date for revising the return. However, multiple revisions may attract the attention of the Income Tax authorities.

Mode of filing revised returns

Just as original returns, revised returns can also be filed either online or manually.

Online mode: The process is same as the regular filing of an original return. It becomes simpler if you are using a return filing software, where you would have all details automatically populated. You would then be concerned only with carrying out the necessary changes and go ahead with the uploading. You may either e-verify the same or send the signed physical copy of acknowledgment (ITRV) to the Centralised processing Centre (CPC) within 120 days of filing the revised return

Physical mode - Submit the ITR form filled as above with the assessing officer of your jurisdiction.

Taxpayers must be cautious while filing the original return of income itself and ensure all information/details entered are correct. Revision of returns may invite unnecessary questioning from income tax department even in genuine cases of unintentional errors.

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