How Many Times ITR Can Be Revised Under Section 139(5)

Yes, a revised income tax return (ITR) can be revised again, subject to certain conditions. The income tax laws allow taxpayers to file a revised return if they discover any errors or omissions in their original ITR. However, such revision must be done within the prescribed time limit, which is typically before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
In case a taxpayer has already revised their ITR once, but still needs to make further corrections, they can file a second revised return before the end of the assessment year or before the completion of the assessment, whichever is earlier. However, keep in mind that the option of filing a second revised return is available only if the taxpayer had filed the original ITR within the due date specified under the income tax laws.
Further, it is advisable to exercise caution while filing a revised return, as any discrepancies or incorrect information can attract penalties and interest charges. Taxpayers should ensure that they thoroughly review their ITR and make all necessary corrections before submitting the revised return.

There is no penalty as such for filing a revised income tax return (ITR) in India. In fact, the Income Tax Act, 1961 provides an opportunity for taxpayers to revise their ITR if they have made any errors or omissions in their original return.


However, if the revised ITR results in an increase in the tax liability of the taxpayer, then they will be liable to pay interest on the additional tax payable. The interest is calculated from the due date of filing the original ITR till the date of payment of the additional tax.


Additionally, if the taxpayer has knowingly furnished false or incorrect information in their revised ITR, they may be subject to penalties under section 270 of the Income Tax Act. The penalty can be up to 50% of the tax payable on the under-reported income.


Hence, it is important for taxpayers to ensure that they thoroughly review their ITR and make all necessary corrections before submitting the revised return to avoid any interest charges or penalties.

The filing of a revised income tax return (ITR) in India does not necessarily attract scrutiny by the Income Tax Department. However, if the revised ITR is filed due to a significant increase in the taxable income or tax liability, it may raise a red flag for the department to scrutinize the case.


In general, the Income Tax Department selects certain cases for scrutiny every year to ensure that taxpayers have accurately reported their income and paid the correct amount of tax. This process is known as scrutiny assessment. The department uses various parameters to select cases for scrutiny, including a high value of transactions, discrepancies in the ITR, and unexplained cash deposits.


If the department decides to scrutinize a revised ITR, the taxpayer may be required to provide additional information and documentation to support their revised tax calculations. It is important for taxpayers to maintain proper records and documentation to support their income and tax deductions in case their ITR is selected for scrutiny.

If a revised income tax return (ITR) is not verified, it will not be considered as a valid ITR by the Income Tax Department in India. In other words, the revised ITR will be treated as invalid and will be considered as if it was never filed. Therefore, it is essential for the taxpayer to verify the revised ITR within the stipulated time.


According to the Income Tax Act, a revised ITR should be verified within 120 days from the date of filing. There are several modes of verification available, including electronic verification (e-verification) and physical verification (sending a signed copy of ITR-V to the Central Processing Centre).


If the revised ITR is not verified within 120 days, the taxpayer can file a condonation request to seek an extension of time to verify the ITR. The request should be filed within six months from the end of the assessment year for which the ITR was filed. The assessing officer may grant the extension of time, subject to certain conditions.


If the revised ITR is not verified within the extended time, it will be treated as invalid, and the original ITR will be considered as the final tax return filed by the taxpayer. In such cases, the taxpayer will not be able to claim any deductions or make any changes to the tax return.

Rectification and revised return are two different ways to correct errors in an income tax return:


1. Rectification:
Rectification is used to correct any arithmetical or clerical errors that may have been made in the original return. It is usually done when the taxpayer realizes that some details, like the amount of tax paid or the TDS deducted, have been incorrectly entered. In this case, the taxpayer has to file an application for rectification under Section 154 of the Income Tax Act, and the tax department will make the necessary changes in the return.


2. Revised Return:
Revised return, on the other hand, is used when a taxpayer realizes that they have made a mistake in the original return, which affects their tax liability. For instance, if the taxpayer forgot to include a particular income source or made a mistake while claiming deductions. In such cases, the taxpayer can file a revised return to correct the errors. The revised return will replace the original return filed earlier.