Revise your income tax return u/s 139(5) before 31st March

With 31st March 2018 ending in next 168 hrs , it is very important to have knowledge of Revised Returns. Its comprehension becomes even more vital  because

“ ITR FOR AY 2016-17 COULD NEVER BE FILED & REVISED LATER THAN 31ST MARCH 2018”

What is Revised Return?

When you have already filed an income tax return for the relevant assessment year, any subsequent return filed for the same period is known as Revised Return.

The need for revising return arises because no matter how precautious one takes while filing the return, there is always a chance of error or omission. Such error or omissions may be regarding income offered, deductions claimed, recent amendments in the law or any other details filed. Revised return is an opportunity to make good all such mistakes.

What is the time limit of filing Revised Return?

As per income Tax act 1961, till AY 2016-17 only those returns could be revised which were submitted on or before the due date. Therefore, it was of utmost significance that an income tax return gets filed on time i.e. on or before 31st July and 30th Sep, normally.

Good news is that from Assessment Year 2017-18 (Financial Year 2016-17), even a belated return can be revised. Additionally, the time limit for revision of that particular year remains same as earlier i.e.  

  • 1 year from the end of the Relevant Assessment Year or
  • before completion of assessment

whichever is earlier

This means that for FY 2016-17 (AY 2017-18) the return can be revised up to 31/03/2019.

However, for the current financial year i.e. F.Y 2017-18 (AY 2018-19), the law has been further revised in respect of time limit of revision of return. Now, the belated return could be revised upto the below limit :

  • Before the end of Relevant Assessment Year

This means that for FY 2017-18 (AY 2018-19) also the return can be revised up to 31/03/2019.

Can I Revise my return twice??

Revision is possible infinite number of times between the filing date and above mentioned period of the respective year. Upon filing a revised return, the original one stands withdrawn and you are now assessed on the amended details. But, this facility should not be misused to avoid being a suspect in the eyes of Income Tax Authorities.

How to revise ITR:

All that you require for making revision of income tax return is:

i) Filing of the original return

ii) 15 digit acknowledgement number of the original return and 

iii) The date on which original return was filed.

Note: In case you have made more than one revisions, then too the details of original return are required.

Even the Revised Return needs to be verified

Subsequent to filing process do not forget to verify your return!!

For your convenience it can be done via different channels, namely,

  • Aadhaar-based OTP
  • Net Banking
  • Bank account based validation
  • Demat account details
  • EVC on email ID and mobile in some cases
  • Physically posting acknowledgement receipt to CPC Bengaluru

This blog must have paced down your queries relating to revision of ITR. Still, we highly recommend to file your income tax return with utmost diligence and leave no rooms for correction. But, since errors are inevitable, if you observe any fault in your return section 139(5) is there for your rescue.

For seeking further clarification on the topic you may post your comments below. Looking for an experts help on ITR Contact us now.

Abhishek Soni

By Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.

10 comments

    1. Dear Mr. M.B. Hadi,

      Thanks for writing to us. We appreciate your query.

      For F.Y 16-17(A.Y 17-18) the time limit for revising the belated return is 1 year from the end of relevant assessment year. That means it can be revised up to 31st March 2019. Therefore, in your case, the belated return filed by you on 31st March 2018 for F.Y 16-17 can be revised up to 31st March 2019. So, even if you have filled the wrong figures, you need not worry. Just, revise your return with correct figures at the earliest. You can also take assistance from our expert CAs who will guide and advice at the best.

      For customized opinion and safe tax planning, you can connect with us at [email protected] or at +09660996655.

  1. Can I submit revise return for AY 2018-2019 before 31st July 2018. If yes tell the process of submission of
    revised return.

    1. Dear Litan Kanti Das,

      Thanks for writing to us. We appreciate your query.

      As per section 139(5), if any person discovers any omission or any wrong statement in the original return furnished, then he may furnish a revised return at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.Therefore, for the AY 18-19 revised return can be filed before 31-03-19 or completion of assessment, whichever is earlier. The process for revised return will be same as per the original return. You just need to select the section 139(5) and give some more information as per the requirement of ITR Form. For customized opinion and safe tax planning, you can connect with us at [email protected] or at +09660996655.

  2. I have filled correctly the TDS , however in the filed return it indicates both TDS and selftax paid, Advancetax. how to change

    1. Dear Sir,

      If any information shown wrongly in the Original Income Tax Return, then you have the option to file the revised return provided that the time limit for the respective year has not been passed. For the FY 2017-18 [AY 2018-19], revised return can be filed upto 31.03.2019. For more information in this regard, you can connect with us at [email protected] or at +09660996655.

  3. Dear Mr. Ashok,

    Thanks for writing to us. We appreciate your query.

    As per section 139(5), if any person discovers any omission or any wrong statement in the original return furnished, then he may furnish a revised return at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. Therefore, for the AY 18-19 revised return can be filed before 31-03-19 or completion of assessment, whichever is earlier. The process for revised return will be same as per the original return. You just need to select the section 139(5) and give some more information as per the requirement of ITR Form. For customized opinion and safe tax planning, you can connect with us at [email protected] or at +09660996655.

  4. Dear Mr. Girish,

    Your query is not clear to us. There are separate schedules in the ITR Form related to the TDS, TCS and Advance tax. If you have entered the wrong details in these schedules, you need to revise the ITR and enter the amount in the applicable schedule. However, please check your intimation u/s 143(1) whether there is any demand raised or not. For customised opinion and safe tax planning, you can connect with us at [email protected] or at +09660996655.

  5. Sir,

    Sub: Filing revised ITR 2 for AY 2018-2019, after receiving Intimation u/s143(1) and Outstanding demand u/s 245 on 18 Mar 2020 (After expiry/completion of AY)

    The information provided by you is very useful. Thank you very much.
    But in my case, I received above stated intimations after the completion of AY, on reviewing my ITR realised I made few mistakes(incorrect residential status and claim for relief) in filing original ITR2.

    Below is summary:
    1. I cannot file a rectification, as u/s 154 states – I cannot claim for relief, since the rectification can be filed only for correcting mistakes apparent from records. (Received a rectification rejection letter)
    2. Neither I can submit Revised ITR2 u/s 139(5), since the revised ITR can be placed only before the completion of the assessment year. But I received the notice this year (18 Mar 2020 – after 2 years)
    3. I cannot request u/s 119(2)(b) Condonation of Delay either – because I have filed the original ITR2 with in time for the that AY.

    What should I do? how can this be resolved?

    Regards
    Karthik Kulkarni

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