Have You Made Any Mistake While Filing Income Tax Return? Here’s How You Can Easily Rectify

Income Tax Return Latest Updates: While filing income tax returns, many people make several common mistakes for which their ITR filing does not get accepted. However, these mistakes can best be avoided if people take care while filing the ITR. And most of these mistakes happen when individuals are filing their tax return in a hurry, just before the deadline. For this reason, the tax experts advise people to file ITR well in advance.

However, you don’t worry about the mistakes now as you can also rectify those errors in case you have made any while filing ITR. All you have to do is file a revised return. Moreover, you can rectify all kinds of errors by including omission of important details, claiming a wrong deduction, wrong bank account number and more.

According to Income Tax Act rules, you are supposed to file a revised ITR at any time during the assessment year or before the completion of the assessment, whichever is earlier.  However, it may be noted here that filing a revised ITR technically means filing a new ITR with the corrections under Section 139(5) of the Income Tax Act.

How to file revised ITR?

1) You need to visit the Income Tax website.

2) Then, on the e-filing portal, you have to login by entering user ID (PAN) and Captcha code.

3) After logging in, you have to click on the e-filing menu and then select the ‘Income Tax Return’ link.

4) On the next page, your PAN will be auto-populated.

5) Then what you have to do is select the assessment year, ITR form number, filing type (original or revised return) and select the submission mode as ‘Prepare and submit online’.

6) In the online ITR form under ‘General Information’ tab, you have to choose the ‘return filing section’ as ‘revised return’ under Section 139(5) and ‘return filing’ type as ‘revised’.

7) Then you need to enter the acknowledgement number and mention the date when the original return was filed under ‘date of filing’.

8) After completing all these steps, you should be able to fill/correct the relevant details of the online ITR form and submit it. Moreover, you can also e-verify the returns for faster processing and a quicker refund.

For the general information of all tax payers, if you have not yet filed the ITR for the financial year 2019-2020 (AY2020-21), you should files the ITR soon as the deadline for the same is December 31, 2020. Moreover, the individuals must note that it is mandatory to enter the 15-digit acknowledgement number while filing a revised return online.