Section 139 (5) of the Income Tax Act, 1961 allows taxpayers to file a revised income tax return if they have made mistakes in the returns which were filed earlier.
Revise Return can be filed for any omission or mistake made in the filing of that original return.
A) Return eligible for revision
The original return filed u/s 139(1).
The belated return filed u/s 139(4) can also be revised now.
B) Time Limit
Revised Return of Income Tax can be filed by an assessee any time
Before the end of the relevant assessment year; or
Before completion of the assessment
whichever is earlier. For example: If an assessee files the return for F.Y. 2020-21 (A.Y. 2021-22) on 31st December. And later on, if he discovers some mistake, then he can file a revised return of Income Tax anytime up to 31 March 2022 or before the completion of Assessment, whichever is earlier.
C) Can we revised a return multiple time?
Yes, there is no limit for the number of times you can revised the return. Remember, every time you file a revised return, you are required to provide details of your original ITR. Once you have filed your revised ITR, ensure that you have verified the same. The income tax department will not accept your revised tax return unless it is verified.
D) Filing of Wrong ITR deliberately
If a person deliberately files a false return he will be liable to be penalty u/s 271(1)(c) upto A.y 2016-17. With effect from A.y 2017-18 penalty shall be levied under section 270A and Assessee may be imprisoned under section 277 and the offence will not be condoned by filing a revised return.
E) Is there any late fee penalty and interest
There is no need to pay interest u/s 234A if any tax due beacuse original has been filed on time.
But you have to pay Interest U/s 234B, 234C if any tax liability arise.
Similarly, If any tax liability arise then assessee has to pay late filing fee / Penalty U/s 234F.