How to Correct Mistakes in ITR?

How to Correct Mistakes in ITR?

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While filing our income tax return (ITR) we take the utmost care not to make any mistakes. However, at times it may happen that we make a mistake while filing our ITR at the last minute. These could include mentioning the incorrect bank account number, forgetting to declare interest income, or claiming the wrong deduction.

However, don’t worry if you have made a mistake in your ITR as the current income tax laws allow you to correct it. If you have discovered the mistake after filing your income tax return, then you can rectify your mistake as allowed under the current tax laws. Section 139(5) of the Income-Tax Act allows taxpayers to rectify their mistake by filing a revised income tax return.

So, if you have made a mistake in your ITR, here is how you can file a revised return.

What is a Revised Return?

Revised return allows you to rectify the error or omission of facts made at the time of filing your original ITR. Filing a revised return simply means filing your return again but this time with the correct information. When filing a revised return you need to mention details of the original return.

5 Key Things to Remember About Filing a Revised ITR

1) When the assessee files a revised return, the original return stands withdrawn and is substituted by the revised return

2) The last date for filing a revised return is end of the relevant assessment year.

3) File the revised return only to rectify genuine omissions or wrong statements. If any income was intentionally not disclosed in the return and an assessee chooses to file a revised return after receipt of a show-cause notice, the assessing officer may ignore the revised return and initiate a scrutiny.

4) It is mandatory to mention the date of filing and acknowledgement number of the original return filed.

5) Do not forget to verify the revised return

Who Can File It?

Every assessee who has filed his/her ITR is entitled to revise it under section 139(5) to provide correct information to the tax department. Earlier, only those taxpayers who had filed ITR before the expiry of the deadline were allowed to revise their returns. Taxpayers who had filed belated returns, i.e., after the expiry of original deadline to file ITR were not allowed to revise it. However, now, even belated returns now be revised.

Last Date to File Revised ITR

Earlier, tax laws allowed taxpayers to file revised return till one year after the expiry of the assessment year. This meant that taxpayers had two years from the end of the relevant financial year (the FY for which the return was filed) to correct the mistake and file a revised return. But the time limit to file a revised ITR was reduced last year.

How to Revise your Income Tax Return

Step 1: Once you login, go to My Tax Return under My Account.

Step 2: Click on ‘View Details’ for the year you want to revise your income tax return.

Step 3: You will see the acknowledgment number and date of filing of the original return. Scroll down and click on ‘Click here to mark this Income Tax Return as revised’.

Step 4: Once the return is marked as revised you can make corrections and changes.

Step 5: After making the necessary changes and paying tax due if any, go to ‘Tax Filing’ Tab and click on ‘Proceed to e filing’.

Once the revised return is filed you need to e-verify your income tax return.

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