How to Rectify Mistakes Done while Filling ITR?
The last-minute rush increases chances the most frequent possibilities of errors/mistakes while filing an Income tax return. Sometimes, it might happen when you miss out filling of your bank account number, place, incorrect aadhaar details, fill a wrong amount or claiming a wrong deduction, section, etc. Even professionals in some cases miss out some crucial tax figures to place in their client’s return.
So, what can be the possible solution to all these?
Is prompt rectification possible?
It is always recommended to go for professional assistance before finalizing your Income-tax return to avoid later troubles. For tax advisory and assistance email us at email@example.com
In case of non-reporting or misreporting errors, the tax department does not provide any quick rectifying option to the taxpayer, other than only submitting a revised return.
Section 139(5): Filling a Revised Return
This section provides an ultimate opportunity for the taxpayer to realize his/her mistake and fix the errors made in filling the original return under section 139(1) of Income Tax Act, 1961 (“IT Act”). A taxpayer after filing ITR for the relevant previous year can reconcile and resubmit a revised ITR under Section 139(5) before the relevant assessment or assessment year ends.
To file a revised income tax return online one has to:
– Login to the e-filling portal of the Income-tax department.
– Choose the relevant tax assessment year, form applicable and file correct details.
– Choose filing type as ‘ U/s Section 139(5) – Revised Return‘.
– E-verify returns online using Aadhaar OTP or by sending it to the IT CPC, Bangalore or other modes.
Due Date to file
For errors made in the original return, the taxpayer is only left with the option to revise it before the completion of assessment or the relevant assessment year i.e., for FY 2018-19, the due date for filing revised return would be 31st March 2020.
Things to Know
– There is no maximum limit of filing of revised returns to the department
– It is necessary to file details of the original return in lieu of which the revised return is being filed.
– Once the assessment or scrutiny of the actual return is processed by the appropriate tax officer (u/s 143 (3)), it is not permissible to file a revised return.
– If the relevant return is revised before receipt of tax notice, then no penalty shall be levied on the taxpayer.
– A revised return can only be filed for omissions or errors made in actual return and not for false additions or concealment of income sources.
- Can a revised return be e-filed if the original return is e-verified offline by sending it to CPC?
– Yes, the same return with relevant changes can be submitted by doing e-verification online.
2. Filling a revised return without responding to a defective return. Is it possible?
– Yes, on self-assessment or on receipt of notice in lieu of defective return, a revised return can be filed in the same usual way.
3. Can a revised return be filed if the actual return is declared invalid by the department?
– Yes, a revised return is to be filed before the due date.
4. What if I filed a wrong revised return?
If filed within due time, it can be revised but once processed, for filling of wrong details as identified by IT Department, a penalty can be levied under section 271(1)(c).
Note: Due date for filing a revised return for FY 2018-19 is 31st March 2020.
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