Tag: Revised 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 of Income tax return (Late Filing)

There is a last date for filing your Income tax return for each type of assessee. The dates are as follows for A.Y. 2018-19

Salary 31st July

Other assessee 30th September

Now what happens if you are unable to file the return by this date.well two types of consequences are there.

Filing beyond due date: Uptill A Y 2017-18 you would have the time till the end of Assessment Year to file the return without penalty and uptill the end of next A Y to file the return with Rs 5000.00 as penalty however if you failed to file the return uptill the end of next assessment year then you become a non filer and then the return can only be filed in response to a notice

However from this year there is a sea change in filing default

Filed after due date

Impact of Non Compliance

Return is filed on or before 31st December of Assessment Year but after due date and total Income exceeds Rs. 5 Lakh


Return is filed on or before 31st December of Assessment Year but after due date and total Income do not  exceeds Rs. 5 Lakh


In any other case 10000

Effectively it means that now you cannot file the return after the end of current assessment year .

Another change is for filing the revised return which as per old norms was any assessee if discovers any error can file the revised return within one year from the date of filing of original return or processing of return whichever is earlier.Now from this year a revised return can be filed upto the end of relevant assessment Year and no further.

So essentially from this year

File your return within time

If you discover any mistake revise it within the Assessment Year itself

For filing the returns and precautions to take read our earlier posts