Revised IT Return under Section 139(5) of Income Tax Act
In Section 139(5) of Income Tax Act, a taxpayer is allowed to correct his/her ITR return, only in case of genuine omission or input of wrong information, even after it is submitted. As done while submitting the original return within due date, revised return should also be mandatorily verified by the taxpayer and sent to CPC, Bangalore through proper means. A revised return is subject to scrutiny from Tax Department in order to check its genuineness, since any kind of fraudulent conduct, such as ‘concealment or false statement’, is severely punishable.
Guidelines of Revised Return Submission
- Revised Return is to be filed as per the rules given u/s 139 (5) of Income Tax Act, 1961, before the end of relevant AY or before the assessment is completely made, whichever is earlier. (upto A.Y 2017-18 the ITR can be revised at any time before the expiry of one year from the end of relevant assessment year or before the assessment is made whichever is earlier). Within this time, revisions can be made as many times as desired with valid reasons.
Thus return of A.Y 2019-20 can be revised till 31st March 2020 or before the completion of the assessment whichever is earlier.
Smt. Nirmala Sitharaman Union Finance Minister, announces several relief measures relating to Statutory and Regulatory compliance matters across Sectors in view of COVID-19 outbreak made major announcements on Direct Tax in a press conference held on 23th of March 2020 at 5.10 pm Extend last date for income tax returns for (FY 18-19) from 31st March, 2020 to 30th June, 2020.
Thus return of A.Y 2019-20 can be revised till 30th June 2020 or before the completion of the assessment whichever is earlier.
- Details of original return, such as, receipt number and date of filing of the original ITR return, are necessary while filing Revised Return.
- A taxpayer can submit a revised return, if he/she finds:
- Any bona fide deduction/income missing from original ITR
- Wrong/Missing information, such as account details, etc.
- Once a revised return is filed, original return is considered to be withdrawn.
- Revised return can be submitted both by online/offline means.
- In case, assessment is completed by Income Tax Department, revised return cannot be filed.
- Return filed in response to Notice u/s 148, sent for escaped income, can also be revised.
Obligations on Attempting Fraudulent Revised Return
- Severe penalties or imprisonment can be imposed by the Income Tax Department, in case they find any fraudulent statement in revised return
- Penalties can be levied after proper justification, in case it is found that an income is deliberately hidden in original return and disclosed in revised return.