When filing income tax returns, you need to pay attention to your personal as well as bank details. But as careful as one may be, at times certain errors may fail to get noticed. Whether you have filed your #incometaxreturn well in advance or even if filed at the last minute, there is a possibility of making a mistake. You may have forgotten to include certain exemptions, erroneously entered a wrong challan number for the tax credit, or even failed to include certain income.
The list can go on and on, as there could be endless possibilities. Hence, the tax department allows individuals to correct genuine mistakes in their income tax returns.
You may correct the error through two routes:
1. Submitting a rectification request under Section 154 of the Income Tax Act or
2. Filing a #revisedreturn under Section 139(5) on #efiling website
www.incometaxindiaefiling.gov.in
Once you submit and verify your income tax returns, an income tax Assessing Officer will authenticate the data you have entered and will send you an Intimation under Section 143(1) of the Income Tax Act. Here, you will need to match the data you’ve submitted and computed under Section 143(1) by the assessing officer. If there is a mistake, it will need to be corrected by submitting a rectification request.
You can submit a rectification request after the income tax return is processed or on receiving an Intimation u/s 143(1). You can rectify mistakes apparent from the record. Under this section, one can rectify clerical, arithmetical mistakes, a mismatch in tax payments, inclusion of income chargeable under an incorrect heading, and even changes in your resident status. Further, there must be confirmation that the mistake is apparent from the records and it is not a mistake that requires debate, elaboration, investigation, etc.
If you unintentionally failed to include certain income or forgot to claim additional income exemptions, then file a revised return.
There is a possibility where one could have forgotten to include interest income or even misplaced a donation receipt to claim exemption under Section 80G.
A revised return can be filed even before receiving an Intimation u/s 143(1).
You can file a revised return under Section 139(5) of the Income Tax Act. Earlier, it was not permitted to file a revised return for returns filed after the due date.
However, from April 1, 2017, you can file a revised return even for belated returns. This is applicable for Assessment Year 2017-18 and onwards.
0 Comments