New Delhi: With less than a week left to file your Income Tax return (ITR), many people are likely to make mistakes in ITR filing to avoid the last-minute rush. The ITR filing deadline for financial year 2023-24 is July 31, 2024. While it is best to avoid mistakes, do not fret if these may have crept in since you can fix these by submitting a revised income tax return.
Mistakes such as entering the wrong bank account number, claiming deductions incorrectly, or not reporting interest income accurately can happen while filing your tax return. That’s why, the Income Tax (I-T) Department allows taxpayers the utility to correct these errors by filing a revised ITR.
What is revised ITR?
Revised ITR allows taxpayers to correct mistakes made while filing their Income Tax return.
According to Section 139(5) of the I-T Act, 1961, if someone realises that they made an error or left something out after filing their tax return, they can submit a revised return to fix it.
This includes those who file their ITR after the deadline (belated ITR).
Previously, only taxpayers who filed their ITR before the deadline could revise their returns. Now even those who file late ITRs can revise their returns.
You can file a revised Income Tax return (ITR) up to 3 months before the end of the assessment year or before the assessment is completed, whichever comes first.
For example, if you filed your ITR for the financial year 2023-24, the deadline to file a revised return is December 31, 2024.
What if your ITR has been processed?
If your ITR for the current Assessment Year has been processed by the Centralized Processing Center (CPC), you can correct errors online through rectification.
Log in to your e-Filing account to submit a rectification request for mistakes in the processing of your tax return by CPC.
Only errors that are evident from the records can be rectified in this way.
If you notice a mistake in your filed ITR and it hasn’t been processed by CPC yet, you should submit a revised return instead.
You can use the rectification request service on the e-filing portal specifically for errors identified in the CPC’s order or notice under section 143(1).
However, you cannot use this service to claim new exemptions or deductions.
For changes in income, bank details, or address, you should update these through a revised return, not through a rectification request.
You can submit as many revised returns as needed.
Each time you file a revised return, you must include all the details from your original ITR.
ITR Filing 2024: If there are errors in your ITR you can rectify mistakes by submitting a revised Income Tax Return. Here’s how Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
