Answer By law4u team
A revised return under Indian income tax law is a return that a taxpayer files to correct or update mistakes or omissions in the original income tax return (ITR) already submitted to the Income Tax Department. In simple terms, if after filing your return you realize that you have made an error, missed income, claimed a wrong deduction, or forgotten to disclose some information, the law gives you a second chance to fix it - by filing a revised return. Let’s understand this in detail as per the Income-tax Act, 1961, and the latest provisions applicable from the Finance Act, 2023–24. 1. Legal Provision The concept of a revised return is provided under Section 139(5) of the Income-tax Act, 1961. It states that: > If any person, having furnished a return under Section 139(1) (original return) or in response to a notice under Section 142(1), discovers any omission or any wrong statement therein, 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. In simple terms: You can revise a return if you have filed your original return on time. You can correct any genuine mistake, whether it is an omission (something left out) or an incorrect statement. 2. Purpose of Revised Return The purpose of a revised return is to allow taxpayers to voluntarily rectify errors without facing penalties for concealment or incorrect information, as long as the errors were not deliberate. Common reasons for filing a revised return include: Forgetting to report some income (e.g., interest income, rent, capital gains); Incorrect claim of deductions or exemptions; Wrongly filled personal details (PAN, bank details, etc.); Errors in computation of tax liability; Receipt of revised Form 16 or Form 26AS showing additional income or TDS. 3. Who Can File a Revised Return Only a person who has filed a valid original return under: Section 139(1) (within the due date), or Section 142(1) (in response to a notice from the Income Tax Department), can file a revised return. If no original return was filed, you cannot file a revised return - but you can file a belated return under Section 139(4) (if within the time limit). 4. Time Limit for Filing a Revised Return As per the Finance Act, 2021, the time limit to file a revised return has been shortened to: > Before the end of the relevant assessment year or before completion of assessment, whichever is earlier. For example: If you filed your return for Financial Year 2023–24 (Assessment Year 2024–25), the last date to file a revised return would be 31st March 2025, unless the assessment is completed earlier. Earlier, taxpayers had time up to one year from the end of the assessment year, but this was reduced to ensure quicker processing. 5. How to File a Revised Return Filing a revised return is similar to filing the original return, with one key difference - you must mention the original return details. Steps: 1. Go to the Income Tax e-Filing portal ([www.incometax.gov.in](http://www.incometax.gov.in)). 2. Log in using your PAN and password. 3. Select the correct Assessment Year. 4. Choose the relevant ITR form (e.g., ITR-1, ITR-2, etc.). 5. Under the section “Return Filing Section,” choose ‘Revised Return under Section 139(5)’. 6. Enter the Acknowledgement Number and Date of the original return. 7. Correct the necessary details or add missing information. 8. Recalculate your total income and tax payable/refundable. 9. Submit the return and verify it through Aadhaar OTP, EVC, or physical ITR-V. Once filed, the revised return replaces the original return completely - the earlier one is treated as withdrawn. 6. Number of Times a Return Can Be Revised There is no restriction on the number of times a taxpayer can file a revised return within the allowed time limit. So, if you discover another mistake even after filing a revised return, you can file another revised return, provided the assessment is not yet completed and the deadline has not expired. However, it is advisable to ensure all corrections are made carefully in one go to avoid unnecessary confusion. 7. Effect of Filing a Revised Return Once a revised return is filed: The original return is replaced by the revised one. The revised return becomes the final and valid return for assessment. The date of filing the original return remains the same for all practical purposes (for determining interest, penalty, or refund). For example, if you originally filed your return on 10th July 2024 and revised it on 15th February 2025, your revised return will be treated as if filed on 10th July 2024 - but with corrected information. 8. Consequences and Precautions While revising a return is a legal right, it should be done carefully and honestly. If the Income Tax Department finds that the revision was done with malafide intent (like hiding income and later disclosing it only after receiving notice), penalties and prosecution may still apply. Always keep the following in mind: Ensure all income sources (salary, interest, capital gains, etc.) are included. Match the details with Form 26AS, AIS, and TIS. Verify TDS and advance tax payments properly. Keep proofs and documents ready in case of scrutiny. 9. Difference Between Revised Return and Belated Return A revised return is filed to correct a mistake in a previously filed return, whereas a belated return is filed after the due date if the original return was not filed on time. Revised return: correction of filed return (Section 139(5)). Belated return: late filing of return (Section 139(4)). Interestingly, a belated return can also be revised later if needed, as per the current law. 10. Example Suppose: You filed your original return for FY 2023–24 on 15th July 2024 declaring ₹8,00,000 income. Later, you realize you forgot to add ₹50,000 as bank interest income. You can file a revised return by 31st March 2025 showing total income ₹8,50,000 and paying the additional tax due. This revised return replaces your earlier one and will be used for assessment. 11. Importance of Revised Return The revised return mechanism is meant to promote voluntary compliance and honesty in tax filing. Instead of punishing small or genuine mistakes, the law allows taxpayers to correct them within time - which encourages transparency and reduces litigation. Conclusion A revised return under Section 139(5) of the Income-tax Act is a legal tool that allows taxpayers to rectify mistakes or omissions in their original return within the prescribed time. It helps ensure correct reporting of income, accurate tax liability, and compliance with law. In short: You can revise your return before the end of the assessment year or completion of assessment. It replaces the original return completely. It can be filed multiple times, if necessary. It protects honest taxpayers from penalties arising out of genuine errors.
