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Revised return v/s retification of return

MALAV PATEL (27 Points)

22 March 2019

What is the difference between Revised return and retification of return?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (183276 Points)
Replied 22 March 2019

Revise Return u/s 139(5) Revise return can be filed before completion of assessment or within 1 year from the end of the respective assessment year whichever is earlier. But, the revise 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. Omissions which can be corrected by filing revise return If after furnishing 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 and false or concealment or fraudulent statements fall outside the purview of the provision of revise return.

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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. Mistakes 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 fact, a clerical or arithmetical mistake, error in determining written down value or mistake arising 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, recourse cannot be taken to section 154. Moreover, even if an assessee has unintentionally made mistakes in income figures or claims in original return, one cannot rectify it u/s 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.

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