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Tax

Made a mistake in your ITR? Here's how you can get it corrected

ITR filing mistakes
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ITR filing mistakes

We take the utmost care not to make any mistakes while filing our income tax returns (ITRs). But to err is human, and we could end up making a mistake which could cost us dear. These could include mentioning the incorrect bank account number, forgetting to declare interest income, or claiming the wrong deduction. However, don't worry if you have made a mistake in your ITR as the current income tax laws allow you to correct it. Section 139(5) of the Income-Tax Act allows taxpayers to rectify their mistake by filing a revised income tax return.

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Section 139(5)
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Section 139(5)

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. Here is how you can file a revised return if you made a mistake in your ITR.

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What is a revised return?
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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. It 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 ITR.

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Who can file a revised return?
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Who can file a revised return?

Anyone 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, from last year, even belated returns can now be revised.

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Till when can you file a revised return?
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Till when can you file a revised return?

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. According to current income tax laws, you now only have time till the completion of the relevant assessment year to rectify your mistake. So, once you have filed ITR for FY 2017-18, you have time till March 31, 2019 to correct your mistake, if any.

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How to file a revised return?
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How to file a revised return?

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 will have 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.

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How many times you can file a revised return?
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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.

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Remember to verify your return
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Remember to verify your return

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. To verify your revised income tax return, you can use any of the 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.

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Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service