In this article, we will be discussing tax provisions related to revise income tax return i.e. when and how you can revise your income tax return or how to rectify mistakes in income tax return.
Tax provisions related to filling of revised income tax return are specified in section 139(5) of income tax act. As per section 139(5), if an assessee discovers any omission or any wrong statement in the return filled then he or she may furnish a revised return. However to file a revised return the assessee is required to file the original return which he is trying to revise before the due due date of filling or if it is filled in response to notice under section 142 (1) of IT act, then within the time limit allowed in that notice.
If you have not filled your IT return or filled after the due date is over or after the time limit specified in section 142(1) then such returns can not be revised.
For example, after filling your Income Tax Return before due date, if you found that the income specified in return has been shown as Rs. 5, 60,000 instead of Rs, 6, 50,000 then the return can be revised from your end to get it rectified.
Time Limit for filling revised income tax return – Section 139(5)
Revised income tax return can be filled within one year from the end of the relevant assessment year or before completion of the assessment, which ever is earlier. i.e. if you want to revise your income tax return for assessment year 2012-2013 then you need to file the revised return before 31st march 2014 (1 year from the end of the assessment year) or before completion of the assessment which ever is earlier.
We suggest to revise your Income tax return as soon as you discover the mistake in it.
Now the question is, how many time one can revise the income tax return? As the income tax act is silent in this matter, it can be revised as often as required by the tax payer. However, it has to be revised before 1 year from the end of the assessment year or before completion of assessment, which ever is earlier.
To avail the benefit of revising your Income Tax Return for any mistake in it, it is advised to file your IT return before the due date of filling. If you missed the due date for some reason then ensure that your Income Tax Return is error free as you will be losing the benefit to revise it in future.