Section 139(5) – Revised Income Tax return
Section 139(5) – Revised Income Tax return
An assessee who is required to file a return of income is
entitled to revise the return of income originally filed by him to make such
amendments, additions or changes as may be found necessary by him. Such a
revised return may be filed by the assessee at any time before the assessment
is made. There is no limit under the income tax Act in respect of the number of
time for which the return of income may be revised by the assessee. However, if
a person deliberately files a false return he will be liable to be imprisoned
under section 277 and the offence will not be condoned by filing a revised
return.
As per section 139(5), the revised return can be filed
before the expiry of one year from the end of the relevant assessment year or
before the completion of assessment, whichever is earlier. Thus return of A.Y 2011-12 can be revised
till 31st March 2013 or before the completion of the assessment whichever is
earlier.
Point to Remember
1- Revise tax returns within one year from the end of the
assessment year or before the assessment. For the financial year 2010-11 one
can filed the revised return up to march 2013.
2-You can’t refile your return if income tax department
already did the assessment of your return.
3-If you missed any deduction or income in the return you
can refile it.
4-If some information come to your knowledge after filing
the return you can refile it.
5-The receipt no. & the acknowledgement no. is must for
the refiling of the return.
6-Revision is allowed only if the omission was unintentional.
The benefit of Section 139 (5) cannot be claimed by a person who has filed
fraudulent returns. Section 139 (5) will apply only to cases of ‘omission or
wrong statements’ and not to cases of ‘concealment or false statements’. Once
you revise returns, the original stands withdrawn. If the omission(s) in the
original return is intentional, the assessee will be penalised
7-No need to pay interest u/s 234A if any tax due, but you
have to pay 234B, 234C interest if due
8- you can only revise the return if the original one was
filed on time. Belated returns cannot be revised
9- You can file a revised return only in case of ‘omission
or wrong statements’ and not for ‘concealment or false statements’
10- Returns can be revised when filed pursuant to notice
under Section 148 as it is provided u/s
148 that for such return all the provisions of section 139 shall apply.
11- You will have to cough up 100 to 300 per cent of tax due
as penalty for concealing income
12- If the returns are revised before the notice under
Section 148 is issued, then there is no penalty.
13- If income was hidden in the original return and is
revised and disclosed after the assessing officer pursued it, then a penalty is
levied. If the revised return shows a higher income than originally declared, a
penalty may or may not be levied.
14- Revised returns have a higher chance of landing a
scrutiny letter from the I-T department.
15- To file revised returns, one can use both the online and
physical methods. However, you can revise returns online only if you have filed
the original returns online and have the 15-digit acknowledgement number. You
cannot, otherwise, file returns online. The I-T department searches for the
original details once the returns are revised. On not finding the original
return, an error is shown. Therefore, it may be wise to revise in physical
form.
16- If the taxpayer has revised return after the survey and
it was has found that the mistake in the original return was not bonafide then
levy of penalty is justified.
17- If some income was concealed in the original return and
revised return disclosing such income is
filed after the AO has unearthed such undisclosed income then penalty can be
levied.
18- If the asseessee after the search filed the revised
return declaring higher income than declared in original one, to buy peace of
mind and to avoid litigation then penalty cannot be levied .
19- If the taxpayer has declared higher income in revised
return of his own and there is nothing to prove that the taxpayer had concealed
income malafidely then no penalty can be levied.
20- If the asseessee after the search filed the revised
return declaring higher income than declared in original one, to buy peace of
mind and to avoid litigation then penalty cannot be levied.
Text of Section
139(5)
139(5) If any person, having furnished a return under
sub-section (1), or in pursuance of a notice issued under sub-section (1) of
section 142, discovers any omission or any wrong statement therein, he may
furnish a revised return at any time before the expiry of one year from the end
of the relevant assessment year or before the completion of the assessment,
whichever is earlier :..”
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