Filing of Revised Income Tax Returns by the Tax Payers Post De-Monetisation of Currency

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 14 December, 2016.

PRESS RELEASE

Sub: Filing of Revised Income Tax Returns by the Tax Payers Post De-Monetisation of Currency

Under the existing provisions of section 139(5) of the Income-tax Act, 1961 (‘Act’), Revised Return can only be filed if any person, who has filed a return under section 139(1) of the Act or in response to notice u/s 142(1), discovers any omission or any wrong statement therein. Post demonetization of the currency on 8th November, 2016, some taxpayers may misuse this provision to revise the return-ofincome filed by them for the earlier assessment year, for manipulating the figures of income, cash-in-hand, profits etc. with an intention to show the current year’s undisclosed income (including the unaccounted income held in the form of demonetized currency in current year) in the earlier return.

It is hereby clarified that the provision to file a revised return of income u/s 139(5) of the Act has been stipulated for revising any omission or wrong statement made in the original return of income and not for resorting to make changes in the income initially declared so as to drastically alter the form, substance and quantum of the earlier disclosed income.

It is brought to the notice of tax payers that any instance coming to the notice of Income-tax Department which reflects manipulation in the amount of income, cash-in-hand, profits etc. and fudging of accounts may necessitate scrutiny of such cases so as to ascertain the correct income of the year and may also attract penalty/prosecution in appropriate cases as per provision of law.

(Meenakshi J.Goswami)

Commissioner of Income Tax

(Media and Technical Policy)

Official Spokesperson, CBDT.

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Revised Draft issued by CBDT on Income Computation and Disclosure Standards.

Today, CBDT has issued a Press Release on Revised Draft of Income Computation and Disclosure Standards (Icds) for the purpose of notification under section 145 (2) of Income Tax Act, 1961 with seeks public comments.  The first draft of Tax Accounting Standards issued in August, 2012 by Income Tax Department.  The revised draft contains changes as sub-section (1) of section 145 of the Income Tax Act, 1961 (‘the Act’) provides that the income chargeable under the head “Profits and gain of business or profession” or “Income from other sources” shall [subject to the provisions of sub-section (2)] be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee. Sub-section (2) of section 145 provides that the Central Government may notify Income Computation and Disclosure Standards(ICDS) for any class of asssessees or for any class of income.  The Revised Press Release is as under :

Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

PRESS RELEASE

9th January, 2015

Subject: Draft of Income Computation and Disclosure Standards (ICDS) for the purpose of notification under section 145(2) of the Income-tax Act, 1961.

Sub- section (1) of section 145 of the Income-tax Act, 1961 (‘the Act’) provides that the income chargeable under the head “Profits and gain of business or profession” or “Income from other sources” shall [subject to the provisions of sub-section (2)] be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee. Sub-section (2) of section 145 provides that the Central Government may notify Income Computation and Disclosure Standards(ICDS) for any class of asssessees or for any class of income.

2.  The Central Board of Direct Taxes(‘CBDT’) had constituted a Committee comprising departmental officers and professionals in December,2010 to inter alia suggest standards for the purposes of notification under section 145(2) of the Act. The Committee submitted its first interim report in August 2011. The Committee submitted its final report along with the draft of standards in August, 2012 which was placed in public domain for comments.

3.  On the basis of the suggestions received from the stakeholders and examination of the same by the CBDT, the draft standards submitted by the Committee have been revised.

4.  The new draft of 12 Income Computation and Disclosure Standards(ICDS) has been uploaded on the Finance Ministry website (www.finmin.nic.in) and Income-tax Department website(www.incometaxindia.gov.in) for comments from stakeholders and general public. The comments and suggestions on the draft ICDS may be submitted by 8th February, 2015 at the email address (dirtpl3@nic.in or rkbhoot@gmail.com) or by post at the following address with “Comments on draft ICDS” written on the envelope:

Director( Tax Policy & Legislation)-III
Central Board of Direct Taxes,
Room No.147-G,
North Block,
New Delhi-110001

(Rekha Shukla)
Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT

Download REVISED DRAFT OF INCOME COMPUTATION AND DISCLOSURE STANDARDS (CLICK HERE)

Comments and Suggestions on Revised Draft of Income Computation and Disclosure Standards are solicited .....

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Taxpayee can revise income tax return within the given time limit

If you suddenly realize that you missed reporting an income or deduction when you filed your income tax return (ITR) for the previous fiscal, you have the option of filing a revised return. To be able to do this, you should have filed the original return before the due date, 31 July

When to file a revised return If you discover any omission or any wrong statement in your original return, you can re-file ITR with modifications. For instance, you may have forgotten to claim tax benefit for a donation made to a charitable organization that qualifies for a deduction under section 80G, or to add the interest earned from one of your savings account to your total income. In such cases you can file a revised return stating the changes. As per section 139(5) of the Income-tax Act, 1961, the revised return can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of assessment by the income tax department, whichever is earlier. So, for instance, if you have already filed your return for financial year 2013-14 (FY14) before the due date, 31 July 2014, but want to make modifications, you can file a revised return till 31 March 2016. However, if the income tax department has already completed the assessment of your return, then you cannot file a revised return. So, if you missed some information then file a revised return at the earliest to avoid interest or penalties.

How to file a revised return You can revise returns filed online and offline. However, an online return can be revised only online, and an offline one can be revised offline. For an online revision, you need the acknowledgement number and date of filing of the original return. Log on to the e-filing website of the income tax department (www.incometaxindiaefiling.gov.in), and open the Excel file wherein you originally filed the return. Enable the macros, and then select the option of revised return. Then select section 139(5) instead of 139(1). Now you will be able to make changes. Don’t forget to mention the acknowledgement number and date of the original return. Once you have made the alterations, click on compute tax, generate an XML file by validating each sheet, and then upload this file. Once the revised return is filed, download the revised ITR- V or acknowledgement and sign it. You need to send both the original as well as the revised ITR-V by ordinary post or Speed Post to the Central Processing Centre in Bangalore.

There is no restriction on the number of times you can file a revised return, provided it is done within the prescribed time limit. Once you file a revised return, the original or the earlier filed returns shall be deemed to be withdrawn and substituted by the most recent revised return.

Source :www.livemint.com

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Important points to remember for Revised Return u/s. 139(5) of Income Tax.

An assessee who is required to file a return of income is entitled to revise the return of income originally filed by him to make such amendments, additions or changes as may be found necessary by him. Such a revised return may be filed by the assessee at any time before the assessment is made. There is no limit under the income tax Act in respect of the number of time for which the return of income may be revised by the assessee. However, if a person deliberately files a false return he will be liable to be imprisoned under section 277 and the offence will not be condoned by filing a revised return.

As per section 139(5), the revised return can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier.  Thus return of A.Y 2011-12 can be revised till 31st March 2013 or before the completion of the assessment whichever is earlier.
Point to Remember :

• Revise tax returns within one year from the end of the assessment year or before the assessment. For the financial year 2010-11 one can filed the revised return up to march 2013.
• You can’t refile your return if income tax department already did the assessment of your return.
• If you missed any deduction or income in the return you can refile it.
• If some information come to your knowledge after filing the return you can refile it.
• The receipt no. & the acknowledgement no. is must for the refiling of the return.
• Revision is allowed only if the omission was unintentional. The benefit of Section 139 (5) cannot be claimed by a person who has filed fraudulent returns. Section 139 (5) will apply only to cases of ‘omission or wrong statements’ and not to cases of ‘concealment or false statements’. Once you revise returns, the original stands withdrawn. If the omission(s) in the original return is intentional, the assessee will be penalised
• No need to pay interest u/s 234A if any tax due, but you have to pay 234B, 234C interest if due
• you can only revise the return if the original one was filed on time. Belated returns cannot be revised
• You can file a revised return only in case of ‘omission or wrong statements’ and not for ‘concealment or false statements’
• Returns can be revised when filed pursuant to notice under Section 148  as it is provided u/s 148 that for such return all the provisions of section 139 shall apply.
• You will have to cough up 100 to 300 per cent of tax due as penalty for concealing income
• If the returns are revised before the notice under Section 148 is issued, then there is no penalty.
• If income was hidden in the original return and is revised and disclosed after the assessing officer pursued it, then a penalty is levied. If the revised return shows a higher income than originally declared, a penalty may or may not be levied.
• Revised returns have a higher chance of landing a scrutiny letter from the I-T department.
• To file revised returns, one can use both the online and physical methods. However, you can revise returns online only if you have filed the original returns online and have the 15-digit acknowledgement number. You cannot, otherwise, file returns online. The I-T department searches for the original details once the returns are revised. On not finding the original return, an error is shown. Therefore, it may be wise to revise in physical form.
• If the taxpayer has revised return after the survey and it was has found that the mistake in the original return was not bonafide then levy of penalty is justified.
• If some income was concealed in the original return and revised return disclosing such  income is filed after the AO has unearthed such undisclosed income then penalty can be levied.
• If the asseessee after the search filed the revised return declaring higher income than declared in original one, to buy peace of mind and to avoid litigation then penalty cannot be levied .
• If the taxpayer has declared higher income in revised return of his own and there is nothing to prove that the taxpayer had concealed income malafidely then no penalty can be levied.
• If the asseessee after the search filed the revised return declaring higher income than declared in original one, to buy peace of mind and to avoid litigation then penalty cannot be levied.

Text of Section 139(5)

    139(5) If any person, having furnished a return under sub-section (1), or in pursuance of a notice issued under sub-section (1) of section 142, discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier :..”

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Complete procedure to re-submit your Income Tax Return by e-filing portal.

If an assessee has filed his income tax return and subsequently found any omission or wrong statement therein, he can re-file/revise  the return with necessary modification. This re-filing of the income tax return is referred to as Revised Return. The process for revising the return is very simple. Please remember that the process outlined below is applicable if you had filed the original return online.

Rules related to Revised Return

• Revised return can be filed for any previous year at any time before the expiry of 1 year from the end of the relevant assessment year or before completion of the assessment whichever is earlier. For this financial year 2013-14), you can file the revised return till March 31st, 2014
• However, if the income tax department completes the assessment of your return earlier, then a revised return cannot be filed.
• Revised return can be filed only if the original return was filed before due date. Thus if a return is filed after a due date then it cannot be revised
• A loss return filed within time can also be revised and in such case loss as per the revised is carried forward
• One should have acknowledgement number and date of filing the original return in order to file a revised return
• Return filed in response to the notice u/s 148 can also be revised. It should be noted that notice u/s 148 is issued in respect of the escaped income in the respective assessment year
• In case of concealment of income and furnishing of inaccurate information in income tax return an individual will be penalized

How to file a revised return

• Check for the discrepancy in ITR-V form received from the original return e-filing.
• Log on to h t t p s: // i n c o m e t a x i n d i a e f i l i n g . g o v .i n /
• In the home page, Login through link of Registered Users.
• Prepare & Submit online Return under e-file & complete below detail as required.
• Enter the E-filing acknowledgement receipt number from the ITR-V (Which you got after the original return)
• Select the appropriate “return filed under section”. You will find options for 17-Revised 139(5).
• Press Save as Draft and continue and go ahead make changes and enter correct details
• Press Submit button on completion of data . You will get a new ITR-V marked as revised return.
• Once you receive the ITR-V form, you are supposed to send across both original and revised return ITR-V forms to IT department Bangalore within 120 days.

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How taxpayee submit revised Income Tax Return with new e-filing portal?

If an assessee has filed his income tax return and subsequently found any omission or wrong statement therein, he can re-file/revise  the return with necessary modification. This re-filing of the income tax return is referred to as Revised Return. The process for revising the return is very simple. Please remember that the process outlined below is applicable if you had filed the original return online.

Rules related to Revised Return

• Revised return can be filed for any previous year at any time before the expiry of 1 year from the end of the relevant assessment year or before completion of the assessment whichever is earlier. For this financial year 2012-13), you can file the revised return till March 31st, 2013
• However, if the income tax department completes the assessment of your return earlier, then a revised return cannot be filed.
• Revised return can be filed only if the original return was filed before due date. Thus if a return is filed after a due date then it cannot be revised
• A loss return filed within time can also be revised and in such case loss as per the revised is carried forward
• One should have acknowledgement number and date of filing the original return in order to file a revised return
• Return filed in response to the notice u/s 148 can also be revised. It should be noted that notice u/s 148 is issued in respect of the escaped income in the respective assessment year
• In case of concealment of income and furnishing of inaccurate information in income tax return an individual will be penalized

How to file a revised return

• Check for the discrepancy in ITR-V form received from the original return e-filing.
• Log on to h t t p s: // i n c o m e t a x i n d i a e f i l i n g . g o v .i n /
• In the home page, Login through link of Registered Users.
• Prepare & Submit online Return under e-file & complete below detail as required.
• Enter the E-filing acknowledgement receipt number from the ITR-V (Which you got after the original return)
• Select the appropriate “return filed under section”. You will find options for 17-Revised 139(5).
• Press Save as Draft and continue and go ahead make changes and enter correct details
• Press Submit button on completion of data . You will get a new ITR-V marked as revised return.
• Once you receive the ITR-V form, you are supposed to send across both original and revised return ITR-V forms to IT department Bangalore within 120 days.

Source: www.tdstaxindia.com

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Clarification on Grant of one increment in Pre-Revised Pay Scale.

Clarification on Grant of one increment in Pre-Revised Pay Scale.

F.No.1/1/2008-IC
Government of India
Ministry of Finance
Department of Expenditure

North Block, New Delhi
Dated the 22nd May, 2013

OFFICE MEMORANDUM

Subject: Grant of one increment in pre-revised pay scale - OM dated 19.3.2012 - clarification regarding.

The undersigned is directed to invite a reference to this Ministry’s Office Memorandum of even no. dated 19.3.2012 which provides that those Central Government employees who were due to get their annual increment between February to June during 2006, may be granted one increment as on 1.1.2006 in the pre-revised pay scale as a one time measure and, thereafter, will get the next increment in the revised pay structure on 1.7.2006.

2. As per this Ministry’s OM No. F. No. 1/1/2008-IC dated 30th August, 2008. fitment tables have been prescribed in Annexure-1 thereto, specifying the stages of revised pay in the revised pay band with reference to each stage of pre-revised pay in various pre-revised pay scales. As per the fitment tables, the stage of revised pay in the pay band has been mentioned at the same stage in respect of two consecutive pre-revised stages of pay in cases of certain pre-revised scales.

3. This Ministry has been receiving references as to whether in cases where the fitment table provides for the same revised stage in case of two consecutive pre-revised stages in a particular pre-revised scale of pay, the benefit of bunching is admissible after grant of one increment in the pre-revised pay scale by virtue of this Ministry’s OM dated 19.3.2012.

4. The matter has been considered and it is clarified that Fitment Table contained in the aforesaid OM dated 30.8.2008 is to he strictly followed for fixation of pay in the revised structure without any deviation.

5. In cases where the stages of fixation of pay in the revised pay band as per fitment table contained in the aforesaid OM dated 30.8.2008 provides for the same revised stage in the Pay Band with reference to two consecutive stages of pre-revised pay in the corresponding pre-revised scales, then in such cases due to application of this Ministry's OM dated 19.3.2012, there will be no change in the revised pay as on 1.1.2006, if the revised stage with reference to the pre-revised pay after accounting for one increment in the pre-revised scale does not undergo any change as per the Fitment Table. It is also clarified that no further bunching will be allowed in such cases and no re-fixation of pay will be admissible in the revised pay as on 1.1.2006.

sd/-
(Amar Nath Singh)
Deputy Secretary to the Government of India

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Updated all Income Tax Forms for Asstt. Year 2013-14 free download.

Income Tax Department has published updated Income Tax ITRs for Annual Income Tax Return i.e. ITR-1 (Sahaj), ITR2, ITR-3, ITR-4, ITR-4S (Sugam) and ITR-5 to file Income Tax Return for Asstt. Year 2013-14. The all revised ITR Forms are available in "PDF" Format. Income Tax Department has started uploading ITR-1 (Sahaj) and ITR-4S (Sugam) online or offline.  It has released latest Excel Base Utility for Taxpayers to submit Annual Income Tax Return for Asstt. Year 2013-14 with new amendments.  The latest amendment in Income Tax Return Forms this Excel utility is available Income tax return Sahaj(ITR-1) and Sugam(ITR-4S) online/offline with Checklist of documents and pre-requisites.

Download Income Tax Software For Asstt. Year 2013-14

Sl.No.	Form name	Category	Description
1	ITR-1 SAHAJ (A.Y. 2013-14)	English Hindi Form  Instructions English Instructions Hindi	Indian Individual Income tax Return
2	ITR-2 (A.Y. 2013-14)	English Hindi Form  Instructions English  Instructions Hindi	For Individuals and HUFs not having Income from Business or Profession
3	ITR-3 (A.Y.2013-14)	English Hindi Form  Instructions English  Instructions Hindi	For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
4	SUGAM (ITR-4S) (A.Y. 2013-14)	English Hindi Form  Instructions English  Instructions Hindi	Sugam - Presumptive Business Income tax Return
5	ITR-4 (A.Y. 2013-14)	English Hindi Form  Instructions English  Instructions Hindi	For individuals and HUFs having income from a proprietory business or profession
6	ITR-V (A.Y. 2013-14)	English Form Hindi Form	-

Download Form 16 Software with Annexure A & B For Asstt. Year 2013-14

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Can we file of Income Tax Return without Form. 16 (Salaried Employee).

There is big problem when TDS Deductor deduct Tax as TDS from Salaried Employee, but not issued a TDS Certificate (Form 16) to the Deductee or issued a Form 16 by TDS Deductor to Deductee but Deductee (Salaried Employee) not received the same then beneficiary of TDS Certiicate (Form 16), how to file Income Tax Return without TDS Certificate or Form No. 16. In this case an Assessee can file the Income Tax Return on the Basis of TDS Credit relfected in Form No. 26AS rather than waiting for the TDS Certificate from the concerned Deductor.

Now, the Income Tax Department is also replying mainly on the amount reflected in 26AS for granting TDS Credit to the assessee. However, it is advisable to get the copy of the TDS Certificate for record purpose as the option of filing the reviced TDS Return is always available with the Deductor.

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How to File your Income Tax Return - Online for Assessment Year 2012-13 and get Benefit of Return in short period?

Filing incoming tax returns is not a laborious ordeal anymore. E-filing or filing tax returns online has made the process a whole lot simpler. E-filing of tax returns acts as one of the options for the direct tax payers in India. There are three different ways of filing returns online:

1. File returns using a digital signature. By this option there is no need for a paper return to be submitted.

2. File without using the digital signature. By this option the ITR-V form has to be filled. This form is a one-page receipt but also serves as a verification form.

3. Take help from an E-filing intermediary who makes the filing returns and filling the ITR-V form a whole lot easier.

Details required before logging in to the site

You will need an account with a bank that has net-banking facility. The bank must be one that has e-payments. If you are a first time user, i.e if you have never e-filed your returns you will need to register with this website www.incometaxindiaefiling.gov.in and create a user name and password. You will need your PAN card number for the same. Your address details are extracted from the PAN. You must enter other personal details carefully. The email address is important as all communication regarding this will be through the email address you provide. Once you have registered, an e-mail will be sent to you confirming registration after you activate your account. Once this is done, you are ready to file your income returns online. You must now download the appropriate ITR form.

Steps to file Income Tax Return online

* Log into www.incometaxindiaefiling.gov.in and create a username and password.
* Go through all the heads of income under which you will be taxed and select the relevant Income Tax Return.
* Download the Return Preparation software and fill in the details of your ITR. The Income Tax India website also provides an instruction sheet on how to fill the ITR form.
* If there is any tax to be paid then make an online payment and generate the challan counterfoil along with the CIN. Now complete the Income Tax Return form with the details from the challan and CIN along with the payment details and the details of the bank through which the e-payment has been made.
* After this generate an XML file from the filled return using the software downloaded earlier. An XML is a format that helps the IT Department enter the details into its database.
* Now select the appropriate form on the left side of the page and click ‘Submit return’. Select the XML file and click ‘Upload’. Once the uploading is successful it will be acknowledged on the screen.
* Click on ‘Print ’ to get a copy of the ITR-V form.

If the return has a digital signature then the filing process is complete upon the acknowledgement notification and the print out is required only to keep a personal copy. But if it does not have a digital signature then the ITR-V form needs to be printed out by the tax payer. As mentioned earlier, this is an acknowledgment as well as a verification form and all the details need to be filled in and verified. The tax payer has to fill-up the verification part and verify the same. A duly verified ITR-V form should be mailed to “Income Tax Department – CPC, Post Bag No – 1, Electronic City Post Office, Bangalore – 560100, Karnataka,”BY ORDINARY POST OR SPEEDPOST ONLYwithin 120 days after the date of transmitting the data electronically.

Benefits of e-filing over paper filing

One of the foremost benefits of e-filing is the flexibility of filing your returns anywhere / anytime with access to the internet. Online tax returns are processed much faster than paper returns and the tax is worked out automatically as the payee completes the form. With this the payee also gets the acknowledgment slip immediately. Also online filing is a safe and secure mode.

Deadlines for filing returns

The last date to file your returns is July 31, 2011. For those who need to get their account books audited under the Income Tax Act, the last day is October 1, 2011.

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CBDT have been taken decisions to clear Backlog of processing of Returns.

Regarding to Clear Backlog of previous Assessment year CBDT has been taken decision vide Instruction No. 01/2012 [F.NO.225/34/2011-ITA.II] to process of Annual Submitting Returns. The issue of processing of returns for the previous Asst. Year and giving credit for TDS has been considered by the Board. In order to clear backlog of returns, the following decisions have been taken:

(i) In all returns (ITR-1 to ITR-6), where the difference between the TDS claim and matching TDS amount reported in AS-26 data does not exceed Rs. One lac, the TDS claim may be accepted without verification.

(ii) Where there is zero TDS matching, TDS credit shall be allowed only after due verification. However, in case of returns of ITR-1 and ITR-2, credit may be allowed in full, even if there is zero matching, if the total TDS claimed is Rs. Five thousand or lower.

(iii) Where there are TDS claims with invalid TAN, TDS credit for such claims are not to be allowed.

(iv) In all other cases, TDS credit shall be allowed after due verification.

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Submit your Annual Income Tax Return on or Before 31st March 2012 of A.Y. 2011-12

         Friends, I think a few Taxpayee unable to calculate Income Tax and did not submit their annual Income Tax at Income Tax Department for Assessment year 2011-12 though they deduct the TDS by their Deductor or Employer and discuss on off submission of Tax Return because below 5 Lakh Income.  Although, the tax payee having their gross income in the Financial year 2010-11 below 500000 lakhs but they did not submit return. I suggest them to submit their Annual Income Tax Return before ending of 31st March.  It is very necessary otherwise they will face the problem of notice of Income Tax Department.

Download Income Tax Return Forms Notified by Income Tax Department For Assessment Year  2011-12

How to prepare Return?

Download Return Preparation Software   For Assessment Year 2011-12
Sl. No.	Form Name	Return Preparation Software	Remarks	System Requirements
1	ITR-1	Excel Utility(Version 1.0)	New Release	MS Excel
	(SAHAJ)	PDF Utility(Version 1.0)	New Release	Adobe Reader
2	ITR-2	Excel Utility(Version 1.0)	New Release	MS Excel
3	ITR-3	Excel Utility(Version 1.0)	New Release	MS Excel
4	ITR-4	Excel Utility(Version 1.0)	New Release	MS Excel
5	ITR-4S	Excel Utility(Version 1.0)	New Release	MS Excel
	(SUGAM)	PDF Utility(Version 1.0)	New Release	Adobe Reader
6	ITR-5	Excel Utility(Version 1.0)	New Release	MS Excel
7	ITR-6	Excel Utility(Version 1.0)	New Release	MS Excel

In what Forms submit Return ?

Download Income Tax Return Forms Notified by Income Tax Department For Assessment Year  2011-12
Sl. No.	Form Name	Form Description
1	AY 2011-12 Income Tax Return ITR-1 Form Notification	AY 2011-12 Income Tax Return Forms Notification under Rule 12
2	ITR-1	For Individuals having Income from Salary & Interest
	(SAHAJ)
3	ITR-2	For Individuals & HUFs not having Income Business or Professionfrom
4	ITR-3	For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
5	ITR-4	For Individuals & HUFs having income from a proprietory business or profession
6	ITR-4 S	For Individuals/HUF having income from presumptive business
	(SUGAM)
7	ITR-5	For firms, AOPs,BOIs and LLP
8	ITR-6	For Companies other than companies claiming exemption under section 11
9	ITR-7	For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 13(4C)  or section 139(4D). (Not available for e-Filing)
10	Acknowledgement	Acknowledgement

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How to Correct or Revise Income Tax Return after Original Submission ?

If a person has filed his return of Income u/s 139(1) of Income Tax Act 1961 i.e. within the due date of filing the return and if he subsequently finds that in the original return he has committed some mistake bonafidely then he can revise his return of income u/s 139(5) of Income Tax Act. The following provisions relating to revise returns.

Revised return should be filed only if the mistake is bonafide: Original return should be revised only if there is a bonafide mistake in the original return. The benefit of section 139(5) cannot be claimed by a person who has made false return knowing it to be false.

Time period of filing the revised return: As per section 139(5), the revised return can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier. Thus return of A.Y 2010-11 can be revised till 31st March 2012 or before the completion of the assessment whichever is earlier.

Revised return can be filed only if the original return was filed within due date: A return filed only u/s 139(1) can be revised i.e. only return filed within the due date as prescribed u/s 139(1) can be revised. A belated return filed u/s 139(4) can not be revised. Thus if a return is filed after the due date then it cannot be revised.

Return filed in response to notice u/s 148 can also be revised: Return filed in response to notice u/s 148 can also be revised, as it is provided u/s 148 that for such return all the provisions of section 139 shall apply. It is to be noted that notice u/s 148 is issued for the assessment of the escaped income.

Whether any penalty can be levied u/s 271(1)(c) for corrections made in revised return?: Section 271(1)(c) of Income Tax Act provides penalty for concealment of Income and for furnishing inaccurate particulars in the return of Income. In view of this section the question arises in mind that if a person declares more income in the revised return than in the original return whether in such case any penalty u/s 271(1)(c) can be levied or not?

It is to be noted that if revised return is filed to correct a bonafide mistake then no penalty can be levied, otherwise it can be levied. It is seen that sometimes assessees tend to file revised return after search or survey; some case laws are provided here below to throw some light on it.

Openion: As per my view Return of Income should be filed within due date and with utmost care. If bonafidely some mistake still happens in the original return then the benefit of filing the revised return can be taken.

It is advisable that if any mistake has happened in the original return then revised return should be filed before any action on the mistake is taken by the AO to escape penalty u/s 271(1)(c).

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How to Re-Submit your IT Return u/s. 139 (5) of Income Tax Act.

Re-submit or Revised Indian Income Tax Return procedure is not known to maximum Taxpayee. It can be submitted after successful submission of Original Income Tax Return. No doubt that the Submission of Revised Income Tax Return is easy than submission of Original Income Tax Return. I had submitted revised Income Tax Return before two years ago and just submitted today. There was difference due to updation in system which I want share with you.

If a person has filed his return of Income u/s 139(1) of Income Tax Act 1961 i.e. within the due date of filing the return and if he subsequently finds that in the original return he has committed some mistake bonafidely then he can revise his return of income u/s 139(5) of Income Tax Act. The following provisions relating to revise returns.

Section 139(5) in Detail given as under:-
98[(5) If any person, having furnished a return under sub-section (1), or in pursuance of a notice issued under sub-section (1) of section 142, discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier :

Provided that where the return relates to the previous year relevant to the assessment year commencing on the 1st day of April, 1988, or any earlier assessment year, the reference to one year aforesaid shall be construed as a reference to two years from the end of the relevant assessment year.]

Select "Revised " in option of Whether Original or Revised Return ?" and then the following three items are required to submit Revised Income Tax Return :-

• Receipt No of Original Return
• Date of Submission of Original Return
• Entry of Code 16-u/s 139(5) as shown in above screen.
  

The above three major items are required to submit Revised Income Tax Return and then you can rectify your data as rectification and generate XML file for successful uploading.

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Click Here to Resubmit your IT Return

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If any mistake found After submittion of Original Income Tax Return, How Revised your Income Tax Return ?

If a person has filed his return of Income u/s 139(1) of Income Tax Act 1961 i.e. within the due date of filing the return and if he subsequently finds that in the original return he has committed some mistake bonafidely then he can revise his return of income u/s 139(5) of Income Tax Act. The following provisions relating to revise returns.

Revised return should be filed only if the mistake is bonafide: Original return should be revised only if there is a bonafide mistake in the original return. The benefit of section 139(5) cannot be claimed by a person who has made false return knowing it to be false.

Time period of filing the revised return: As per section 139(5), the revised return can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier. Thus return of A.Y 2010-11 can be revised till 31st March 2012 or before the completion of the assessment whichever is earlier.

Revised return can be filed only if the original return was filed within due date: A return filed only u/s 139(1) can be revised i.e. only return filed within the due date as prescribed u/s 139(1) can be revised. A belated return filed u/s 139(4) can not be revised. Thus if a return is filed after the due date then it cannot be revised.

Return filed in response to notice u/s 148 can also be revised: Return filed in response to notice u/s 148 can also be revised, as it is provided u/s 148 that for such return all the provisions of section 139 shall apply. It is to be noted that notice u/s 148 is issued for the assessment of the escaped income.

Whether any penalty can be levied u/s 271(1)(c) for corrections made in revised return?: Section 271(1)(c) of Income Tax Act provides penalty for concealment of Income and for furnishing inaccurate particulars in the return of Income. In view of this section the question arises in mind that if a person declares more income in the revised return than in the original return whether in such case any penalty u/s 271(1)(c) can be levied or not?

It is to be noted that if revised return is filed to correct a bonafide mistake then no penalty can be levied, otherwise it can be levied. It is seen that sometimes assessees tend to file revised return after search or survey; some case laws are provided here below to throw some light on it.

Openion: As per my view Return of Income should be filed within due date and with utmost care. If bonafidely some mistake still happens in the original return then the benefit of filing the revised return can be taken.

It is advisable that if any mistake has happened in the original return then revised return should be filed before any action on the mistake is taken by the AO to escape penalty u/s 271(1)(c).

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