Made a mistake in your tax return? Here’s how to correct it

Posted on Posted in Income Tax, Income Tax Return, Incometaxefiling

Made a mistake in your tax return? Here’s how to correct it

At the time of filing Income Tax Returns online, the tax payers must pay much attention and fill all their details in a precise way. Otherwise, they need to face tough consequences after filing their IT returns. Usually, the tax payers take much care and focus while e-filing their Income Tax returns. If they are in a rush to file their IT returns as the due date is being approaching, the tax payers might make some mistakes while giving their details. Some of the common mistakes made by the tax payers include unclaimed income tax deductions or the income is reported in wrong way.

Sometimes, the details like contact number, email id and bank details could be entered in a wrong way. In such a case, if you are eligible for a refund of tax, the amount might not be deposited to your bank account if you mention wring bank details. If you’ve filed your Income Tax Returns online before the due date, you don’t have to worry anymore. There will be much time for you to revise your already filed Income Tax returns.

There is one reason why income tax payers need to revise their income tax returns is that they might be unaware of the current changes in the rules and guidelines of income tax according to the current financial year’s budget 2016-17.  Here is a detailed guide that helps the income tax payers inorder to correct their mistakes at the time filing income tax returns online.

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Who can file revised returns?

If you submit your income tax returns within the due date, there is a great benefit. The benefit is that your income tax returns can be revised. Also, it is quite essential that your income tax returns must not be verified if you wish to revise it. If the income tax department starts processing your e-filed income tax returns, you will not get a chance to verify your mistakes even after noticing them.

If in case your income tax return is not yet verified, then you will have a chance to review your return and correct all your mistakes and finally submit your revised income tax return to the concerned department within the due date. According to the income tax section 139(5), it states that any person who has filed the income tax return before the due date can file a revised income tax return before the completion of one year from the end of corresponding assessment year.

How many times can you revise your IT Return?

If you have filed your income tax return for the current financial year 2016-17 on or before 5th August 2016 then, you will be able to file a revised income tax return copious number of times till the date 31st March 2018. Revised income tax returns are only accepted if the omission was not deliberate. But, if you intentionally file a revised income tax return, then you will be liable to imprisonment under the section 277. Also you will be penalised to pay 100-300% of due income tax for the covering income.

Steps to file a Revised IT Return?

  • In order to file a revised income tax return, you need to enter the acknowledgement number which you have received after successful filing of income tax return.
  • Along with the acknowledgement number you have to enter the date of filing your original income tax return in the revised form.
  • If in case, you are filing a revised income tax return more than once, then you need to enter the acknowledgement number and date of filing of your original return during your 1st and following revision.
  • There are two ways to file a revised income tax return such as online and offline.
  • You will have a chance to revise your income tax return only if you have filed your original income tax return though online mode.

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How to Verify your IT Returns?

This is the final step for filing revised income tax returns. Once you have successfully filed your revised income tax return online you need to verify it. The verification process can be done using various methods which is made available by the income tax department. The methods include Aadhaar OTP and net banking.

You can also send your revised income tax return in a manual way by sending it to ITR-V to Central Processing Centre, Bangalore. Make sure that you send the ITR-V of your revised income tax return to the CPC, Bangalore. Later, the Income tax department sends the ITR-V as an attachment to your registered email ID after successfully filing or uploading your revised income tax return online.

It is always recommended for the income tax payers to file their original income tax returns with much attention and care, so that they could evade the probabilities of making mistakes or omission.

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