Submitting Revised Return of Earnings Tax u/s 139(5)

Revised Return of Earnings Tax will be filed by an assessee any time earlier than the expiry of the Related Evaluation 12 months or earlier than the completion of evaluation (whichever is earlier).

In easy phrases, in case you will have filed your Earnings Tax Returns earlier than the due date of submitting of Returns u/s 139(1) however later realised that there was any omission or mistake in submitting your Earnings Tax Return, you needn’t fear as you possibly can all the time file a Revised Return of Earnings Tax beneath part 139(5) stating the right particulars.

For instance: If a Return of Earnings is filed by the assessee for the Monetary 12 months 2017-18 i.e. Evaluation 12 months 2018-19 and he later discovers some mistake, he can file a Revised Return of Earnings Tax anytime as much as 31st March 2019 or earlier than the completion of Evaluation whichever is earlier.



There is no such thing as a restriction on the no. of instances a return will be revised and it may be revised any no. of instances offered it’s inside the prescribed cut-off dates. Thus, within the above case, the Revision will be utilized for any variety of instances offered it’s filed earlier than 31st March 2019 or earlier than the completion of evaluation.

It needs to be famous that when you’ve got acquired the refund of Earnings Tax, that doesn’t imply that your evaluation is full. You’ll be able to nonetheless revise your earnings tax return even when you’ve got acquired Earnings Tax Refund. For earnings tax refund, intimation beneath Part 143(1) is shipped which is completely different from Evaluation as talked about above.

The Revision will be carried out both in the identical ITR Type by which the unique return was filed or in a special ITR Type. On submitting of this new return beneath part 139(5), the unique return filed beneath part 139(1) shall be deemed to be withdrawn and substituted by the Revised Return.

Furthermore, the government additionally doesn’t levy any charges or penalty for submitting a revised return.

In case the return is meant to be revised on-line, the assessee is required to furnish the 15 digit acknowledgement quantity of the unique return.

On receiving this revised return, the Earnings Tax Division searches for the unique return which is retrieved utilizing the 15 digit acknowledgement quantity. It then replaces the beforehand filed return with the brand new revised return.

Revision is allowed provided that the error was unintentional. The good thing about Part 139 (5) can’t be claimed by an individual who has filed fraudulent returns. Part 139 (5) will apply solely to circumstances of ‘omission or flawed statements’ and to not circumstances of ‘concealment or false statements’. If the omission(s) within the unique return is intentional, the assessee can be penalised.

Please Be aware: For the aim of this part, the phrase evaluation shall check with evaluation made beneath Part 143(3) and Part 144. Evaluation made beneath part 143(1) won’t be handled as evaluation for this objective as revised return will be filed even after the intimation beneath part 143(1) has been served.

Judicial Selections

  1. A Belated Return filed u/s 139(4) can be revised. Earlier a belated return was not allowed to be revised however now it’s allowed to be revised. [Amendment introduced through Finance Act 2016 applicable from Assessment Year 2017-18].
  2. As soon as, a revised Return is filed, the initially filed return should be taken to have been withdrawn and substituted by the Revised Return [Dhampur Sugar Mills Ltd v CIT (1973) 90 ITR 236 (All)]
  3. A Letter addressed to the assessing officer informing him {that a} sure objects of earnings not talked about within the unique return be taken to be the earnings of the assessee wouldn’t represent a correct revised return beneath part 139(5) [Woman Padmanabh Dande v CIT (1952) 22 ITR 339 (Nag)]

Creator’s Opinion: There is no such thing as a drawback of submitting a revised return. When you have made a mistake, it’s higher to rectify the error your self by submitting a revised return quite than ready for the Govt to ship a discover.

Leave a Reply

Your email address will not be published. Required fields are marked *