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Section 139(5): A Guide to Revised Income Tax Returns

Updated: Jan 19

How to file Revised Income Tax Returns under Section 139(5) of income tax act

Submitting income tax returns is a  financial responsibility for both individuals and businesses. Nevertheless, situations may arise that necessitate corrections or amendments to the initially filed returns. In such instances, Section 139(5) of the Income Tax Act, 1961 becomes relevant, providing a provision for taxpayers to submit a revised income tax return. This blog endeavors to provide insights into Section 139(5), its consequences, and the procedure involved in filing a revised return.


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What is a revised return under section 139(5) of the Income Tax Act

A Revised Income Tax Return under Section 139(5) refers to the opportunity provided to taxpayers to correct errors, omissions, or any inaccuracies in their originally filed income tax returns by filing a revised return. Section 139(5) of the Income Tax Act 1961 grants taxpayers the right to file a revised return in case they discover any mistakes or need to update information that was not included in the original filing.

Key Aspects of Revised Return under section 139(5) of the Income Tax Act - Taxbuddy

Here are key aspects and features of a Revised Income Tax Return under Section 139(5):

  • Correction of Errors: The primary purpose of filing a revised return is to rectify any errors or omissions present in the originally filed return. This could include inaccuracies in reporting income, claiming deductions, or providing other financial details.

  • Timeframe for Filing: Taxpayers can file a revised return within a specified timeframe; the revised return must be filed before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

  • Voluntary and Involuntary Revision: Taxpayers can file a revised return voluntarily if they discover mistakes on their own. Additionally, the income tax department may request a taxpayer to file a revised return if discrepancies are identified during the assessment process.

  • Replacing the Original Return: The revised return replaces the original return filed for a particular assessment year. Once the revised return is submitted, it is considered the final return for that year.

Reasons for Filing a Revised Return 

There are several reasons why individuals or businesses might find it necessary to file a revised income tax return. Some common reasons include:

  • Error Correction: Rectifying mistakes or inaccuracies in the original return, such as errors in reporting income, deductions, or other financial details.

  • Missed Deductions or Credits: Discovering overlooked deductions, credits, or exemptions that were not claimed in the initial filing which can result in potential tax savings.

  • Additional Income: Reporting income that was unintentionally omitted in the original return, ensuring all sources of income are accurately accounted for.

  • Amendments to Financial Transactions: Addressing changes in financial transactions or investments that were not reflected accurately in the original return.

  • Reassessment of Eligibility for Tax Benefits: Reassessing eligibility for certain tax benefits, exemptions, or deductions based on new information or changes in personal or business circumstances.

  • Rectifying Mathematical Errors: Correcting mathematical errors or computational mistakes that may have led to discrepancies in the original return.

  • Responding to Tax Authority Requests: Filing a revised return in response to requests or notices from the tax authorities indicating discrepancies or the need for additional information.

  • Compliance with Tax Laws: Ensuring compliance with changes in tax laws or regulations that may impact the accuracy of the original return.