Filing Revised Income Tax Return Under Section 139(5)

Understand updated returns and know when and how to submit e-returns. Simple tips will help you make the installation process easier and more accurate Entering income tax returns may seem technical and difficult for many taxpayers. Although cautious when submitting their refunds, they may make some mistakes or forget to mention their income when returning. If there are any errors regarding your income tax return, the Income Tax Department allows you a second chance to rectify such mistakes and file a valid refund. You can make adjustments to your income tax return as per the provisions of Section 139 (5) of the Income Tax Act, 1961. Let's understand what a tax return is and how to file it -

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1. What is Revised income tax returns under Section 139 (5)?

Section 139 (5) of the Income Tax Act, 1961 allows taxpayers to file a revised income tax return if they make a mistake on the previously filed forms. Such errors may be due to the following reasons -

  • Invalid banking information
  • Invalid personal information
  • Use of incorrect income tax return form
  • Income discrepancy between income tax return and Form 26AS
  • Error speaking state of residence
  • Unintentional violation of the recording of foreign income or foreign assets, etc.

In these and other instances of taxpayer errors, the revised tax revenue is permitted by the Income Tax Act. When a taxpayer corrects mistakes and refills his / her income tax returns, it is called a refundable tax return.

2. Who can file a revised income tax return?

Any taxpayer who has already submitted his or her income tax return can review and refill the income tax return. Even if a refund is paid after the due date, which is called a late income tax return, a revised income tax return may be included in those timely benefits.

3. How to e-file revised income tax return on income tax website?

Now that the submission of income tax returns is done online, updated returns can be submitted online through the e-filing website of the Income Tax Department. In such cases, the steps for filing your updated tax returns are as follows:

  • Visit the e-filing website of the Revenue Department. On the Home Page, log in to your online account by entering your User ID, password and the displayed captcha code.
  • In your account, click on 'E-File' and select 'Income Tax Return'.
  • When the ‘Income Tax Return’ page opens, your PAN Card number will be automatically entered in the PAN card information box. You must then select the following
    1. Test Year
    2. ITR Form Number
    3. Under 'Input Type' you must select 'True / Updated Return'
    4. Under 'Shipping Mode' you will need to select 'Prepare and Submit Online'
  • After that, the online ITR form will open. In that form, under the 'General Information' tab you will find the 'Installation Recovery Category'. Under this option, select ‘Updated Return under Section 139 (5)’ and under ‘Restore Input Type’ select ‘Updated’
  • You will then need to enter the 'Approval Number' and the 'Completion Date' for the actual income tax return. Consent number should be a 15-character number available when you submit your tax returns online. However, if you have completed your offline income tax return and the consent number is not a 15-digit number, the consent number should be linked to ‘0 ’as many times as necessary to be a 15-digit number. For example, if the consent number is 789654123321, it could be 789654123321000 to include a updated return.
  • After the entry number and confirmation date is entered, you will be allowed to add details and correct mistakes made in the original restore.
  • Once all the editing and editing has been completed, you can submit an updated tax return online.
  • After that, you will need to confirm by email your return of your updated income tax return. You can also secure your offline return by sending a refund to the Centralized Processing Center of the Bengaluru Income Tax Office by sending speed.
  • Instead of preparing for an updated tax return online, you can download XML of your updated online refund when you prepare for an offline refund offline. The process is as follows -
  • Visit the e-filing website of the Department of Taxation.
  • Download the appropriate ITR optimization software from the website. To do so you will need to select the ‘IT Return Preparation Software’ link located under ‘Download’.
  • Download the downloaded software and install it in a new folder and open the folder to open the software.
  • Alternatively, you can import XML for a return that has already been uploaded and needs to be updated. You can download such an XML by selecting 'My Account' and then selecting 'View Refunds Posted in Email or Forms'. Select the required 'Income Tax Return' from the drop-down menu and click on 'Submit'. Select the appropriate ‘Admission Number’ for the ITR to be updated and click on ‘XML’ to download the return.
  • In the ITR software, under 'File / s', select 'Updated Return under Section 139 (5)'
  • You will then need to enter the 'Approval Number' and the 'Completion Date' for the actual income tax return. Consent number should be a 15-character number available when you submit your tax returns online. However, if you have completed your offline income tax return and the consent number is not a 15-digit number, the consent number should be set to ‘0’ as many times as necessary to be 15 digits
  • Correct errors in ITR form and generate updated XML return.
  • Visit the tax site and log in to your account by entering your username, password and the displayed captcha code. In your account, click on ‘File’ and select ‘Income Tax Return’.
  • When the ‘Income Tax Return’ page opens, your PAN Card number will be automatically entered in the PAN card information box. Therefore, you should choose the following -
    1. Year of Testing
    2. ITR Form Number
    3. Under 'Input Type' you must select 'True / Updated Return'
    4. Under 'Shipping Mode' you must select 'Upload XML
  • After that, you should upload the updated XML return to the e-filing portal.
  • After that, you will need to confirm by email your return of your updated income tax return. You can also secure your offline return by sending a refund to the Centralized Processing Center of the Bengaluru Income Tax Office by sending speed.

4. When to file a revised income tax return?

There is a time when we need to complete a revised tax return. This period is preceded by the following -

  • Completion of the relevant year of assessment
  • Test completion

Therefore, for the 2019-20 financial year, if you have to complete a revised income tax return, the revised tax return must be lodged before the end of the audit or before 31 March 2021, whichever is earlier.

Note:

Prior to FY 2017-18 (AY 2018-19), updated returns may be included until; before the end of 1 year from the end of the relevant AY. This means that the updated AY 2017-18 (FY 2016-17) refund can be completed by no later than 31 March, 2019 or the completion of the test.

5. What are the consequences of filing a revised return?

Responses - If there are any minor changes to your updated review such as changes in bank account details, personal details, etc. there will be no results for completing the updated return. However, in the event of an unannounced revenue or other significant adjustment made to the revised revision, the tax department may take the change seriously and the tax included in the previous review may be considered.

6. Things to keep in mind when filing a revised income tax return

When submitting an updated tax return, here are some things to keep in mind -

  • The revised tax return will replace the original tax return in full. Therefore, once the updated return has been submitted, it will be considered as the last taxpayer tax return.
  • Once your income tax form has been processed and you have received a refund, an updated refund can be added if it is completed within the due date.
  • You can file a tax return as many times as you like as there is no limit to the number of times you can complete a refund.
  • If an assessment of your tax return is completed by the inspecting officer under the provisions of Section 143- (3) of the Income Tax Act, 1961, a revised refund cannot be lodged.

There is no fee or charge for the revenue department when you submit an updated income tax return. So, if you have made a mistake in filling out your income tax return if you have been provided with the technology involved, do not be afraid. You can file an updated return and correct any mistakes you have made. If you do not submit an updated return and there are errors, the tax department may issue a notice stating your errors. If you qualify for a tax refund, the refund will not be allowed until the updated refund is completed. Therefore, review your income tax returns if necessary and include the appropriate refund.

Frequently Asked Questions

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How to correct a submitted income tax return?

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You can adjust your tax return by completing the updated income tax return.


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Can I file a revised income tax return?

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Yes, any taxpayer can file a revised tax return if that rebate is completed before the end of the probation year or before the end of the refund test, depending on which precede it.


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By when can the revised return for AY 2019-20 be filed?

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The revised refund for the 2019-20 inspection year may be lodged before or before 31 March 2020 or at the end of the actual refund examination, whichever is earlier. Take professional help to avoid further delays.


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What if the revised return has some errors in it?

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If the updated return has errors, you can file another updated return within the specified time limit to fix it.


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Do I need to e-verify the revised ITR which I file?

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Yes, the updated ITR also needs email verification in order to complete the tax filling process.


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How many times returns can be revised?

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You can review tax returns as many times as you like. The Income Tax Department does not specify the number of times a refund can be renewed. It is recommended that you complete the updated return (if required) only once, with all updates required to be installed.


CEO Krishna Gopal

Krishna Gopal Varshney is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Myitronline.com. Myitronline is amongst the top emerging startups of Asia and authorized ERI by the Income Tax Department. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. ”

Krishna Gopal Varshney
Co-founder & CEO