How to rectify the mistakes made while filing returns?
How to file revised returns?
While filing the Income Tax Returns mistakes should be generally avoided. But while filing last-minute returns sometimes errors are made. Mistakes include mentioning the wrong bank account number, declaring the wrong interest income, or even claiming the wrong deduction. But even though mistakes are made the income tax laws allow correction to it. In case you made a mistake while filing there are ways to correct it. In case you have discovered the mistakes after filing the income tax return then rectifications can be made as they are allowed under current tax laws. Section 139(5) of the Income-tax Act,1961 allows the taxpayers to rectify their mistakes by filing a revised income tax return.
Section 139(5) states that if the person discovers any omissions or wrong statements then the taxpayer can furnish the revised returns three months before the end of the relevant assessment year or before the completion of the assessment whichever happens earlier.
Assessment year is the year that immediately follows the financial year for which the returns are filed. So if in case mistakes are made while ITR Filing here is the process to revise returns.
Revised returns allow rectifying the error or omission of facts that are made at the time of filing the original ITR. Revised returns mean filing the returns but this time with correct information. The original details need to be mentioned in the original return while filing the revised return.
Who can file revised returns?
All the assessee can file for revised it under section 139(5) to provide correct information to the Income Tax Department. The taxpayer who is filing belated Income Tax Returns ( Filing after the deadlines) can also file revised returns. Earlier only the taxpayers filing before the Expiry were allowed to revise their Income tax returns.
How can a taxpayer file the revised returns?
The process of filing revised returns is the same as filing Income tax returns. But while filing the revised ITR the taxpayer is required to file the revised return under Section 139(5) of the Income Tax Act. The taxpayer needs to select the option “Revised u/s 139(5) in the returns that are filed under the column. You have to fill in the details of the original Income Tax Return, receipt number, and the filing date of the original ITR.
There is no limit to the times a revised return can be filed, every time you file a revised return you are required to provide the details of your original returns. Revising the returns is a chance to rectify the form make sure that no further mistakes are made. One should avoid misuse of this facility and file the returns with utmost care.
Due date to file revised return ITR
The government announced that the time to file the revised ITR is reduced by three months. Till FY 2019-2020 an individual was allowed to file the Income Tax Returns till March 31 of the relevant assessment year. But from F Y 2020-2021 the due date to file ITR is December 31 of the relevant assessment year. Due to the pandemic, the government has extended the last date of filing the revised ITR for FY 2020-2021 to March 31, 2022, from the normal deadline of December.
Things to keep in mind while filing revised returns
Once the revised ITR is filed ensure that it is verified, the return will not be accepted by the Income Tax Department unless it is verified. For verification, you can use any method like e-verification, OTP, EVC through banking or via physical verification.
Post by Mansi Sawant
Mansi Sawant seeks higher interests in financial services, taxation, GST, I-T, etc. Writes articles with depth knowledge and is extensive for the same. The resources provide effective articles for the products of IndiaFilings which provides taxation and Licensing. Writing from observations and researching makes her articles virtuous.