Revised Return under Income tax act

Revised return under Income tax act 1961 is covered under sec 139(5) of act .Whenever any assessee discovers any omission/discrepancy/inadvertent error after filing the return of Income he can at any time within one year from the end of assessment Year or before processing of return whichever is earlier  revise the same .Only condition was that the original return must have been filed within the due date or if it has been filed in response to a notice u/s 142(1)

The time of one year has been drastically reduced wef 2018-19 from one year to the end of assessment year but now a belated return can also be revised.

Now what is ommission/wrong statement as given above and other considerations while revising a return:

a) The ommission must be unintentional as if it is found that any shortfall was there in income reported earlier then it may tantamount to concealment of income

b)Any particulars that came to the knowledge after filing of income are a valid ground for revising income

c)If a return is revised consequence to a search , seizure or any other discovery by the department for eg if any income was not declared in original return but subsequently the same is found reported in 26AS and the assessee files a revised return then though the return is revised it will attract penalty

d)While filing a revised return income can increase or decrease as well

e)Any particular can be revised since there is no cap on any specific detail.

f)If income is increased then interest under sec 234B and 234C will be leviable however in case of decrease in income refund may happen as well as interest will be receivable


Revision Possible only uptill the end of Assessment Year or processing of return whichever is earlier

Only Unintentional ommissions /wrong statement can be revised other will attract penalty

Income can be increased or decreased in a revised return

Any particular can be revised

Any return revised on account of the discovery of short income will attract penalty

If income is increased interest is leviable on the increased amount.The same applies to decrease as well

Documents required for Revising Income tax return:

a)Acknowledgement of original return

b)A statement of computation of income having comparison of both income

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