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Revised return u/s 139(5)

Jeevan (Others) (51 Points)

16 July 2017

Hi,

I understand there is time limit within which a person can file a revised return quoting the ack/no etc of the original filing.

But nowadays the processing seems to be happening very quickly (for eg. a return filed in July 2016 before-due-date) was processed and refund credited by Jan-2017.

How can a revised return be filed (and under what section) in such a case (that is original processed and refund-credited)

thanks

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2 Replies

upasana gupta (Finance Professional) (3931 Points)
Replied 16 July 2017

On filing of the revised return u/s 139(5), the original return filed u/s 139(1) shall be deemed to be withdrawn and substituted by the revised return. Revised return basically means that you have filed your I-T return for this year and want to make changes in the return which you have filed.

In case if the revised return is filed online, the assessee is required to furnish the 15-digit acknowledgement number of the original return. On receiving the revised return, the I-T department searches for the original return which is retrieved using the 15-digit acknowledgement number.