Revise ITR Filed By Mistake

Assessee who filed Income Tax Return by mistake can file revise revise ITR filed by mistake under section 139(5) by the end of relevant assessment year or before the assessment is made by assessing officer. Assessee can make amendments such as additions or such changes as may be found later.However filing false return deliberately will be liable to penalty and imprisonment.

Revise ITR filed by mistake

Following are the conditions for filing revise ITR filed by mistake under section 139(5):

If assessment is done revised ITR cannot be filed.
Income Tax Return can be revised only if mistake is not deliberate.
Revised return can be filed only if assessment year is not ended.
Assessee is required to provide receipt number and the acknowledgement number for filing of the revised return.
Revised return can be filed only if assessment is not completed by the assessing officer.
Assessee is not required to pay interest under section 234A however interest under section 234B and 234C is required to be paid.
Income tax return filed for notice against section 148 can be revised under section 139(5).
If assessee files revised Income Tax Return declaring higher income than taxpayer need not prove that taxpayer had concealed income and original return should be bonafide. However higher income should not be concealed income otherwise penalty is leviable.
Revised return ca be filed online if original return is filed online however if original return is filed offline revised return cannot be filed online.

Provisions of section 139(5).

“If any person, having furnished a return under sub-section (1) or sub-section (4), 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”

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