If any person, having furnished a return U/S139(1) or U/S 139(4), finds any omission or any wrong statement therein, he may provide a revised return at any time before (the expiry of 1 year from) the end of the relevant AY or before the completion of the assessment, whichever is earlier. There is no limit under the Income Tax Act in respect of the number of time for which the assessee may revise the return of income.
Section 139(5)-Revised Return
However, if a person deliberately files a misleading return he will be liable to be imprisoned U/S 277, and; the offense will not be pardoned by filing a revised return.
For example, if an assessee files an ITR for the FY 2014-15, i.e., AY 2015-16 on 15th July 2015 (before the due date of filing ITR, i.e., 31st July 2015) and later if he finds any mistake, he can file a revised ITR any time before 31st March, 2017 or before the completion of the assessment, whichever is earlier.
You must also note that if you have received the refund of income tax, it does not mean that your assessment is complete. You can still file a revised ITR even after receiving income tax refund either in the same ITR form or a different ITR form. However, after filing the new return, the original return filed U/S 139(1), shall be deemed to be withdrawn and substituted by the revised return.
Online Revised Return
You can revise returns online only if you have filed the original returns online and have the 15-digit acknowledgment number.
In case, the assessee intends to revise the return online; he needs to furnish the 15 digit acknowledgment number of the original return. The income tax authorities after receiving the revised return will search for the original return using the acknowledgment number.
You cannot refile your return if income tax department already assessed your return.
You can revise a return only if the mistake was unintentional. If you missed any deduction or income in the return you can refile it.
You can file a revised return only in case of ‘omission or wrong statements’ and not for ‘concealment or false statements’.
A person who has filed fraudulent claims cannot claim the benefit of section 139(5).
If the omission in the original return in intentional, the assessee will be penalized.
If income was hidden in the original return & is revised & disclosed after the assessing officer pursued it, then a penalty is levied. In case the revised return shows more income than originally declared, a penalty may or may not be levied.
The receipt no. & acknowledgment number is a must for filing the revised return.
You can revise a return only if you have filed the original return within due date. Thus, you cannot revise a belated return.
If you have filed a return in response to a notice U/S 142(1), but as per section 139(5); you can file a revised return.
If you have furnished the return in response to a notice U/S 142(1) after the time allowed in a notice; it will be considered as a return filed U/S 139(4), and you cannot revise such a return.
In case you have revised the returns before the notice U/S 148 is issued; then there is no penalty.
Income Tax Act
For the purposes of this section, the expression “assessment” shall refer to the assessment made U/S 143(3) & 144. An assessment made U/S 143(1), shall not be treated as assessment for this purpose as; a revised return can be filed even after the intimation U/S 143(1) has been served.
With Effect From AY 2017-18, you can also revise a belated return filed U/S 139(4)Income Tax Act.