When Person can Revise his Income Tax Return Under Income Tax Act

  • If certain conditions are satisfied, a person can filled revised return of income under section 139(5):
  1. A return can be revised only if such return is submitted under section 139(1) or in pursuance of a notice under section 142(1). A belated return filed under section 139(4), cannot be revised.
  2. Revised return under section 139(5) can be filed within one year from the assessment year or before the completion of the assessment, whichever is earlier.
  3. Revised return can be filed under section 139(5) only if the assessee discovers any wrong statement in return originally filed. Where omission or wrong statement in originally filled discovered by department as a result of inquiry and thereafter a revised return is furnished making amendment, that would not amount to a revised return as contemplated under section 139(5).Also Read Penalty for Late filling of Income Tax Return.
  • Other Points: –
  1. A second revised return can be filled under section 139(5) for correcting any omission wrong statement made in first revised return. However it should be submitted within the time.
  2. There is no provision in the income tax act to seek permission to revise a return; it is a right of the assessee. However, an application purporting to be under section 139(5), seeking permission to revise the return as originally filed cannot be treated as a revised return.
  3. An intimation served to the assessment under section 143(1) will not constitute an assessment. Consequently, if an assessee files a revised return after the service of intimation under section 143(1) it will be duly considered by the assessing officer.

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