ITR Filing: Made A Mistake? Here's How You Can Correct it
When
you file income tax return make sure you are disclosing all your personal
details with utmost care. These could include the incorrect bank details,
claiming the wrong deduction and others. It has been analyzed that many
taxpayers file their returns at the last minute of the due date. And at that
time, there is a possibility that the individuals create a lot of mistakes.
Although the tax department has already declared the last date of ITR filing for the financial year 2018-19 that is 31st
July 2019. But there are people who still avoid filing their returns carefully
and hence, they suffer the consequences. However, as per income tax laws,
people who made a mistake in their ITR can rectify it under section 139(5) of
the Income Tax Act.
What is 139(5) Income Tax Act?
According
to Income Tax Act, if an assesses incurred any mistakes while filing an income
tax return, then he is entitled to furnish a revised return any time before the
end of Assessment year to rectify the mistakes made while filing original
return. For the financial year, 2018-19 one can file the revised return upto
31st March 2020. Meanwhile, if your original return has been filed in paper
format or manually, then it cannot be revised by online mode or electronically.
What is Revised Return?
Revised
Return allows taxpayers to rectify the omission of facts made at the time of
filing original ITR. With the revised return, anyone can file their returns
with the correct information. Also, when you file a revised return you need to
mention the proper details of the original return.
Who is required to file it?
Every
taxpayer who has filed ITR is entitled to revise it u/s 139(5) to provide
correct information to the Tax department. It should be noted that the revision
is allowed only if the mistake was unintentional. Hence, it cannot be claimed
by a person who has filed fraudulent returns. Before the present time, only
those assesses who had filed belated income tax returns, i.e. after the expiry
of original deadline to file ITR were not allowed to revise it. But now, even
belated returns can be revised.
How
to file a revised return?
The process of
filing a revised ITR is the same as filing an original return. Visit the
e-filing website of Income Tax Department and then log in with your
credentials. Apart from this, there is no restriction on number of times a return
can be revised. Thus, in that case, assesses can revise a return every time
they discover any wrong statement. However, you should be alert while efiling of income tax return to avoid complications.
Comments