As per provisions of Section 139(5) of the Income Tax Act, 1961, it provides that returns can be revised in the following situations:-
The below mentioned are the some examples for which return can be revised and rectify:-
Although there is no restriction as per law for the number of times for which return can be revised but it must be within the period provided for revision.
And provision of Income Tax Act, 1961 provides that return can be revised from the AY i.e. 2018-19 up to the end of AY or completion of assessment by AO, whichever is earlier. In other words, return revision window will be available for AY 2018-19 up to 31st March, 2019 or before the assessment happens, whichever is earlier.
Consequences of filing a revised return There are no specific consequences of filling a revised return , however a revised tax return may increase the chances of tax return being picked up for a detailed scrutiny assessment. Once a revised ITR is filed, the original or the previous return is deemed to be withdrawn. Although there is no restriction as per law for the number of times for which return can be revised but it must be within the period provided for revision and provision of Income Tax Act, 1961 provides that return can be revised from the AY i.e. 2018-19 up to the end of AY or completion of assessment by AO, whichever is earlier. In other words, return revision window will be available for AY 2018-19 up to 31st March, 2019 or before the assessment happens, whichever is earlier.
A revised return can be filled in the similar way that to original return. The only difference it will carry the changes proposed to be made and also details of the earlier return filed i.e. date of filing of earlier return and the acknowledgement number.