Tax payers are mostly confused about the fact when to revise return or when to file rectification. All the tax payers have an option to revise the return or file rectification, if any mistake or omission is discovered in the original return.
Both, the revise or rectification can be filed online only if the original return was filed online. There are some basic facts and issues relating to revise return and rectification, of which every individual should be aware of.
REVISED RETURN u/s. 139(5):
Revised return can be filed before completion of assessment year or within 1 year from the end of the respective assessment year whichever is earlier. But, the revised return can be filed only if the original return was filed within due date. Moreover, return can be revised even after receipt of intimation u/s. 143(1) as Intimation u/s 143(1) is not deemed to be completion of assessment.
Omission which can be corrected by filing revised return
If after the original return, any omission or any wrong statement is discovered which was done totally unintentional then one may file a revised return.
However, the revision is not allowed if one has made a false return knowing it to be false. Deliberate omission & false or concealment or fraudulent statements fall outside the purview of the provision of revise return.
1. Similar to normal income tax return e-filing, you should visit the income tax e-filing portal and log in.
2. Like earlier you should click on the ‘Quick E-file’ (It can be found on the top left menu).
3. Choose the assessment year and address option. Click & submit.
4. Read instructions and go to the next page. On this page you have to fill your personal details in the first section.
5. In the second section, ‘Filing status’ you have to choose the employment category and about the return.
6. You have to take care in this section. In the column A21 you should click on the drop down and choose the option ‘17-revised return- 139(5)’.
7. Just below the column A21 there is another column. In this column ‘revised’ should be pre-filled, if not change this to ‘revised’.
8. In the column A24, give the acknowledgement number of original income tax return and the date of return filing.
9. Now go to the other pages and fill the correct information as you have done in the original return.
10. Submit this form and send the signed ITR-V of the revised return to the CPC. You can send the ITR-V of original and revised return in one envelope. The ITR-V should reach to the CPC within 120 days of filing income tax return.
FILE RECTIFICATION u/s 154
Rectification can be filed after processing of return or after receiving Intimation u/s 143(1). Rectification of mistake u/s 154 is made for rectifying mistakes apparent from the record.
Mistake which can be rectified u/s 154
Mistakes which can be rectified is one which is patent, which is obvious and whose discovery is not dependent or argument or elaboration. Like an error of facts, a clerical or arithmetical mistake, error in determining written down value or mistake arsing as a result of subsequent retrospective amendment of law
Mistakes which cannot be rectified u/s 154
Where controversy can be resolved only by way of a complicated process of investigation, resource cannot be taken to section 154.
It is because, if there is any revision in income figures or new claims then the rectification request would be rejected or rectification would be delayed as IT department has clearly stated that rectification facility is only for correcting mistakes apparent from record
Step 1 – LOGIN to e-Filing application and GO TO –> My Account –> Rectification request.
Step 2 – Select the Assessment Year for which Rectification is to be e-Filed, enter Latest Communication Reference Number (as mentioned in the CPC Order)
Step 3 – Click ‘Submit’.
Step 4 – Select the ‘Rectification Request type’
‘Taxpayer Correcting Data for Tax Credit mismatch only’ − On selecting this option, three check boxes, TCS, TDS, IT, are displayed. You may select the check-box for which data needs to be corrected. You can add a maximum of 10 entries for each of the selections. No upload of an Income Tax Return (XML) is required.
‘Taxpayer is correcting the Data in Rectification’ − Select the reason for seeking rectification, Schedules being changed, Donation and Capital gain details (if applicable), upload XML and Digital Signature Certificate (DSC), if available and applicable. You can select a maximum of 4 reasons.
‘No further Data Correction required. Reprocess the case’ − On selecting this option, three check-boxes, Tax Credit mismatch, Gender mismatch, Tax/ Interest mismatch are displayed. You may select the check-box for which re-processing is required. No upload of an Income Tax Return is required.
Step 5 – Click the ‘Submit’ button.
Step 6 – On successful submission, an Acknowledgment number is generated and sent for processing to CPC
Few illustrations – when to revise and when to file rectification
If mistakenly Gross Salary is shown including exempt allowances- Rectification can be filed after correcting the same.
Tax payment is not allowed by the IT department- This may be due to mismatch of BSR code or Challen number or date of deposit which lead to rejection of tax payment and in this case, Rectification can be filed after correcting the details.
Overlooked the TDS amount- If an assessee has mistakenly overlooked the TDS amount then the total TDS amount can be claimed by filing revise return.
Revision of Income figures or other new claims- In this case if the omission was done unintentionally then return can be revised
Author: Hemant DharniDharka