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    Made a mistake while filing ITR? Here's how you can correct it

    Synopsis

    Section 139(5) of the I-T Act states that after filing their return, if someone discovers any omission or wrong statement, he can furnish a revised return.

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    Revised return allows you to rectify the error or omission of facts made at the time of filing your original ITR.
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    At the time of filing our income tax return (ITR) we take the utmost care not to make mistakes. However, at times it may happen that we make a mistake while filing our ITR at the last minute. These could include mentioning the wrong bank account number, forgetting to declare interest income, or claiming the wrong deduction.

    However, don't worry if you have made a mistake as the current income tax laws allow you to correct it. Abhishek Soni, CEO, tax2win.in, a tax-return filing company, says, "If you have discovered the mistake after filing your income tax return, then you can rectify your mistake as allowed under the current tax laws. Section 139(5) of the Income-Tax Act allows taxpayers to rectify their mistake by filing a revised income tax return".

    This section states that if someone after filing their return discovers any omission or wrong statement, then he can furnish a revised return any time before the end of relevant assessment year or before the completion of assessment, whichever is earlier. Assessment year is the year immediately following the financial year for which the return is filed.

    Also Read: 8 mistakes to avoid while filing ITR

    How to correct your ITR mistakes

    While filing our income tax return, we take the utmost care not to make any mistakes. However, at times we may make errors while filing our ITR at the last minute. Section 139(5) of the Income-Tax Act allows taxpayers to rectify their mistake by filing a revised return. ITR verification: Here are the 6 ways to do it - https://economictimes.indiatimes.com/wealth/tax/itr-verification-here-are-6-ways-to-do-it/articleshow/65065497.cms

    So, if you have made a mistake in your ITR, here is how you can file a revised return.

    What is a revised return?

    Revised return allows you to rectify the error or omission of facts made at the time of filing your original ITR. Filing a revised return simply means filing your return again but this time with the correct information. When filing a revised return you need to mention details of the original return.

    Who can file it?
    Every assessee who has filed his/her ITR is entitled to revise it under section 139(5) to provide correct information to the tax department. Earlier, only those taxpayers who had filed ITR before the expiry of the deadline were allowed to revise their returns. Taxpayers who had filed belated returns, i.e., after the expiry of original deadline to file ITR were not allowed to revise it. However, now, even belated returns now be revised, says Soni.

    Last date to file revised ITR

    Earlier, tax laws allowed taxpayers to file revised return till one year after the expiry of the assessment year. This meant that taxpayers had two years from the end of the relevant financial year (the FY for which the return was filed) to correct the mistake and file a revised return. But the time limit to file a revised ITR was reduced last year.

    "Starting from last year, the time limit to revise the ITR has been reduced. According to current income tax laws, you now only have time till the completion of the relevant assessment year to rectify your mistake," adds Soni. Thus, once you have filed ITR for FY 2018-19, you have time till March 31, 2020 to correct your mistake, if any.

    How to file revised ITR

    The process of filing a revised ITR is the same as filing an original one. However, while filing a revised ITR, you are required to file it under section 139(5) of the Income-tax Act. You are required to select option '17 - Revised u/s 139(5)' in the 'return filed under' column. The ITR form will additionally ask you for details of the original ITR, i.e. receipt number and date of filing of original ITR, adds Soni.

    How many times you can file a revised return
    There is no limit for the number of times you can file a revised return. Remember, every time you file a revised return, you are required to provide details of your original ITR. Revising your tax return is a chance for you to rectify your mistake, but one should avoid misuse of this facility and ensure utmost care while filing the original tax return, adds Soni.

    Things to remember
    Once you have filed your revised ITR, ensure that you have verified the same. The income tax department will not accept your revised tax return, unless it is verified by you. To verify your revised income tax return, you can use any of the 6 methods available to verify your ITR, i.e., e-verification by using electronic methods such as Aadhaar, OTP, EVC through net-banking or via physical verification by sending signed copy of ITR-V (Acknowledgement Receipt) to CPC, Bangalore.

    Also Read: Here are 6 ways to do ITR verification
    "Once the scrutiny assessment of your ITR is completed under section 143(3) of the Income-tax Act by the assessing officer, then you cannot file a revised return," said Soni.

    "As a taxpayer you must remember that the deadline to rectify the mistake in your tax return and to file belated return is same, i.e. March 31st of the relevant assessment year. Therefore, if you file a belated return on March 31st, 2020 for the FY 2018-19 (AY 2019-20) you will miss out the chance to rectify the mistake done by you, if any, in your ITR", adds Soni.

    Also Read

    8 Comments on this Story

    Narendra Kumar Sood10 days ago
    My freind (Accountant) had filed my ITR 4 Twiced for same F.Y 2018-2019... as my first time ITR was successfully filed on August 2019. But after a couple of months I got a mail that my ITR is Invalidated. I told him to rectify the return, he told that no notice showed in ITR portal and the ITR is Invalidated. And he was trying to re filing the same with that acknowledgment number but error occured that acknowledgment number is wrong... hence he filed the return under 139(4) with 1000 rs. Fine (also filed without deposited fine).. Therefore in Income tax portal TWO ITR4 is showing in 2018-2019, one is Invalidated and other is successfully filed without deposited rs. 1000.... WHAT TO DO PLEASE HELP ME SIR?????
    narendrakumarsood@gmail.com
    LAKSHMANA KUMAR THIRUMANGALAM346 days ago
    this time many entries incl interest earned on deposits were entered automatically by IT Dept.. but when I submitted my returns it was rejected as being defective... and the procedure to rectify it is so cumbersome... download some Excel file and enter many details... fed up. Earlier procedure was fine.
    Masthan babu364 days ago
    I have submitted my AY 2019-2020 ITR but not E verified, i have made mistake in entering Gross Salary so i need to change it. Is it possible me to submit revised one without e verification or firstly i need to e verify and to make revision. Please suggest me when will i raise revised ITR.
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