ITR Filing: Made A Mistake? Here's How You Can Correct it

by Sophie Grace What New When You Have Forgot to File Tax Return?

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 31^st 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.