Section 139(5) of Income Tax Act: Meaning, deadline, procedure

In India, Section 139(5) of the Income Tax Act pertains to filing revised income tax returns. It allows taxpayers to file a revised return if they discover any error or omission in their original return after filing it. Some common mistakes that taxpayers may want to update through a revised return include the following:

• Incorrectly calculating the tax liability
• Failing to report all sources of income
• Incorrectly claiming deductions or exemptions
• Failing to report capital gains or losses
• Incorrectly disclosing foreign assets or income

However, it is essential to note that a revised return cannot be filed to claim additional deductions or exemptions that were not declared in the original return. These can only be claimed in the original return.

See also: TDS payment and return due date

Section (139) 5: Who can file a revised income tax return?

Under the Income Tax Act in India, any taxpayer who has filed an original return can file a revised return if they discover any errors or omissions in their original return. This provision includes individuals, Hindu Undivided Families (HUFs), companies, firms, and many others who must file income tax returns.

Section (139) 5: How to file a revised income tax return?

The taxpayer must follow these steps to file a revised income tax return:

01. Go to the Income Tax Department’s e-filing portal (https://www.incometax.gov.in/iec/foportal/)

02. Login to the portal using the taxpayer’s login credentials (your PAN/Aadhaar, password and displayed captcha code).

03. Click on the “e-File” tab and select “Revised Return” from the dropdown menu.

04. Select the relevant assessment year and the original ITR form used to file the return.

05. Select a mode of revision according to your convenience. The available options include e-verify using DSC, existing Aadhaar OTP, generated Aadhaar OTP, existing EVC, developed EVC through bank account, and so on.

06. Enter the details of the revised return in the form, correcting any errors or omissions in the original return.

07. Review the details entered in the form and click on the “Validate” button to validate the return.

08. After validating the return, click on the “Submit” button to submit the revised return.

After the revised return is successfully submitted, the taxpayer will receive an acknowledgement in the form of an ITR-V. The taxpayer must sign the ITR-V and send it to the Centralised Processing Center (CPC) within 30 days of filing the return.

Section (139) 5: When to file a revised ITR?

As per section 139(5) of Income Tax Act, a revised return can be filed before the last date of filing the return – December 31. It can also be filed before the completion of the assessment year, whichever is earlier. Thus, the revised return for FY 2022-23 ( AY 2023-24) can be filed on or before December 31, 2023.

It is essential to file a revised return as soon as possible after discovering the errors or omissions to avoid any penalties or interest charges.

Section (139) 5: The outcome of filing revised ITR

There are generally no negative consequences of filing a revised income tax return as long as the revised return is filed within the specified period. Filing a revised return allows you to correct any errors or omissions in your original return and ensures that the information provided to the tax authorities is accurate and complete. This can help avoid any penalties or interest charges levied for incorrect or incomplete information in your original return.

In some cases, filing a revised return may result in a higher or lower tax liability, depending on the corrections made in the revised return. In such cases, the revised return will be treated as the return filed by you for the relevant assessment year and any amount paid as tax or refunded earlier will be adjusted accordingly.

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Section (139) 5: Things to remember while filing a revised ITR

It would help if you kept in mind the following when filing a revised income tax return (ITR):

• Make sure you file the revised return within the specified period.
• Use the correct form for filing the revised return. The form you use will depend on the original return that you are editing and your income and tax liability.
• Make sure all the information in the revised return is accurate and complete. Double-check all the numbers and ensure that you have reported all your income and claimed the correct deductions and exemptions.
• Keep copies of all supporting documents and proof of payment, such as salary slips, bank statements, and investment documents. These may be required for verification purposes.
• Review your revised return carefully before submitting it. Make sure all the information you provide is correct and complete before you submit it, as you will only be able to make further changes once it has been filed.

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