Taxpayers should file their tax returns carefully to avoid any errors when filing income tax returns. However, sometimes in a hurry, they end up making mistakes like unclaimed deductions, incorrectly reported income or incorrect contact details or bank account given for tax refund.
However, if you have filed your return by the due date, you still have the opportunity to rectify 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 tax year 2015-16, 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, to keep the review process smooth, it’s best not to verify a return, especially in online mode. Since, once a return is verified, the Department of Income Tax begins to process it and it is better 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 person who filed original tax returns on or before the due date may file a revised tax return before the expiration of one year at the end or before the end of a relevant assessment year. A Starting with the next tax 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 return?
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 scrutiny of the return, 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 until 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 owed 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 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.
Please remove omissions, review and verify all required fields, including those where no changes were required before submitting your return.
When submitting the review online, you need to verify yourself 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. An ITR-V is sent by IT department as attached content to that person’s registered email id after successful completion of online IT return to CPC, Bangalore.
It is always best to file your original computerized return carefully, avoiding any errors, omissions, or inaccuracies. However, taxpayers can still take 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 do the fixes on time and avoid any kind of sanction from authorities and government departments.