Tag: Income tax return

Income Tax

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

Income Tax

Filing Income tax returns (Precautions)-Part IV

Income tax Return form 5 

This post is in continuation of our earlier post on precautions while filing ITR for Asst Year 2018-19 . Please refer to them if you wish to read them for filing Income tax Forms ITR 1 ,ITR2, or ITR 3

Post Link
Filing Income Tax Returns (Precautions) -I  Filing Income Tax Returns (Precautions) -I
Filing Income tax returns (Precautions)- Part II Filing Income tax returns (Precautions)- Part II
 Filing Income tax returns (Precautions)- Part III  Filing Income tax returns (Precautions)-Part III

ITR 1 ,ITR 2 and ITR 3 and ITR 4 have already been explained in our earlier posts referred to above.In this post  we will take from ITR5  

For a ready reference ITR 5 is reproduced below

ITR 5 is applicable to following Assessee’s

Firm, LLP, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority but it cannot be filed by person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) (i.e., trusts, political parties, institutions, colleges, investment fund etc.).

A brief explantory guide is also given hereunder


How to get the maximum from this guide:

Please check which heads are applicable

Also note that following assessee can not file ITR 5

i)A person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)

ii)A person not being an individual or a Hindu undivided family or a company

It’s important that you get your Balance Sheet and Other schedules ready before filling the return

Keep the details of deductions under chapter VI proofs handy.

The guide presented here is freely downloadable .Do whatever you wish to do with this but please note that with the advent of technology everything has changed.Gone are the days when one earns income and forget to declare in the return either intentionally or unintentionally and the income was seldom discovered by the department.

Now it happens that the department gets information from almost all over the world and to add to it the data mining softwares are analysing the information and also applying all permutations and combinations so be aware and follow the guidelines given in the guide above and sleep a peaceful night and contribute in our nation’s progress.

In next post we will take remaining returns except ITR 6 which requires a separate post so happy reading