Taxpayers should file their tax return carefully to avoid any errors when filing income tax returns. However, sometimes in a hurry, they end up making mistakes like unclaimed deductions, misreported income or wrong contact details or the bank account is given for tax refund.
However, if you have filed your return by the due date, you still have the opportunity to amend it. These errors mainly occur due to lack of knowledge of recent changes in tax rules, such as if the taxpayer whose income is more than Rs 50 lakh per year of 2015-16 tax year, then he had to file a declaration of his assets and Passives.
Who is eligible to file revised returns?
If you have filed your IT returns on time, the most important thing is that it can be reviewed. However, for the review process to go smoothly, it is best not to review a return, especially in online mode. Since, once a return is verified, the Income Tax Department begins processing it and it is best to rectify any errors when you notice them to avoid any penalties under section 139(5) of filing a revised tax return.
“The Act provides that any individual who has filed original tax returns on or before the due date may file a revised tax return before the expiration of a year at the end or before the end of a relevant assessment year. A Starting next fiscal year, AY 2017-18, the tax department has also allowed late returns that are filed after the due date.
How many times can you review your statement?
A person can review their tax return any number of times, as long as it is used sparingly, as it can increase the chances of the return being scrutinized, especially if it results in large refunds. For example, if he filed his tax return for the 2015-16 tax year on or before August 5, 2016, he can file a revised return any number of times through March 31, 2018.
Under Section 277, if the person has knowingly filed a false return, they will be punished with imprisonment or a fine of 100-300% of the tax due for concealing income. It will not be forgiven by filing a revised return.
How to file a revised return?
A person can file a revised return both online and offline. If you are filing a revised return more than once, you are required to provide an acknowledgment receipt number and filing date associated with the original tax return on the revised form.
The IT department provides the 15-digit acknowledgment number if you have filed the original through any of the e-filers and therefore it will be applicable to file the revised return online.
Remove omissions, review and verify all required fields, including those where there were no required changes before submitting your return.
When submitting the review online, it must be verified using various methods provided by the IT department, such as Net Banking / Aadhaar / One Time Password (OTP).
A person can also submit the ITR-V return form offline to CPC, Bangalore. The IT department sends an ITR-V as an attachment to that person’s registered email id after successfully completing the online IT return to CPC, Bangalore.
It is always better to file your original computer return with great care, avoiding any errors, omissions or ignorance. However, taxpayers can still take advantage of the opportunity provided by law to rectify errors, if any, by filing a revised return within a time limit.
If you don’t know the process that is important for making income tax corrections, don’t panic. With professional help, you can make the corrections on time and avoid any kind of penalty from the authorities and government departments.
