The need for rectification carries a deeper philosophical connotation at every stage of life and is perhaps most significant in ITR filing where mistakes can become costly and troublesome. But how does one raise a rectification request and execute it?
If there is any mistake, one can request for rectification on e-filing portal itself. However, a rectification request can be submitted only in case of ITRs already processed by CPC.
Only mistakes apparent from records
The Income Tax Department says that mistakes apparent from records can be rectified, not others. It also forbids taxpayers to raise such request for any other mistake that can be corrected via a revised return.
3 situations
There are three types of rectification requests that can be filed on e-filing portal. These are reprocessing the ITR, Tax credit mismatch correction and return data correction.
The ITD says “reprocess the return” request can be selected if correct particulars in ITR was submitted and CPC has not considered it while processing. Examples can be tax deductions not being processed, or bonafide claims of TDS/TCS/Self-assessment tax/Advance tax not being allowed at processing stage.
One can opt for Tax Credit Mismatch Correction if one wants to rectify details in TDS/TCS/IT challans of the processed return.
The ITD says, “Please re-enter all the entries in the schedules. All the corrected entries as well as other entries mentioned in the ITR filed earlier are to be entered. Make the necessary corrections in the data. While doing corrections, make sure not to claim credits which is not part of the 26AS statement.”
Unlike ITR, one does not need to e-verify a rectification request.
No fresh request if one is pending
The Income Tax Department has clarified that one cannot submit a rectification request for any assessment year (AY) till the CPC acts upon a request filed earlier.
Only on e-filing portal
Another crucial point to keep in mind is that no rectification request is entertained in physical form. All communication to CPC has to be made in the electronic form in the prescribed manner.
A rectification request can’t be filed after 4 years have passed from the end of the FY in which the intimation u/s 143(1) was passed.
The Income Tax Return e-filing portal allows one to rectify returns. It allows the correction of mistakes apparent from the records. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
