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How to Correct Mistakes after Income Tax Return Filing?

Income Tax Return Filing

Income Tax Return Filing can be a complex process for the taxpayers. Taxpayers put their best efforts into filing Income Tax returns. After all, we are humans, and humans can make mistakes. As we all know, ITR Filing is a must for everyone, but if there is any mistake in your ITR, you should have to correct it quickly & on time or else it may create a problem for you. For this, it is essential to know how you can fix your mistakes in the filed ITR. Here, in this blog, we will provide you with a comprehensive guide to correcting your ITR, making sure about compliance with Tax regulations & avoiding penalties.

Let’s talk a little about Income Tax Return & Income Tax Return filing-

Income Tax Return is a self-declaration form that has been used by the public for the declaration of their income. Whereas, online ITR Filing is the process by which taxpayers (individuals as well as businesses) can report their income, deductions, and credits to the government. Tax authorities use this information to calculate the amount of tax payable or the refund due. 

Common Mistakes in Income Tax Return Filing

Before moving ahead towards the corrections in ITR, you should have to understand about the common mistakes that the taxpayers have made in filing ITR Online. If you have the proper knowledge of it, then you can avoid such errors. Here are the common mistakes-

  • Wrong Assessment Year: Sometimes, taxpayers choose the wrong assessment year during ITR filing. 
  • Deduction Errors: There may be miscalculations or omissions of the eligible deductions.
  • TDS/ TCS Mismatch: You should avoid any error in the details of TDS, i.e. Tax Deducted at Source at TCS, i.e. Tax Collected at Source.
  • Incorrect Personal Information: Sometimes there are mistakes in PAN Number, name, or bank account details.
  • Income Mismatch: There is also the possibility of errors in reposting your income, such as missing income sources or incorrect amounts.
  • Tax Calculation Errors: Avoid the errors in calculating your total tax liability.

How Can You Correct Mistakes After Income Tax Return Filing?

You can correct the mistakes in your ITR by filing a revised Income Tax Return. If you find any error in your initial filing, you can rectify it by filing a revised ITR under section 139(5) of the Income Tax Act. You have to file your revised return before the end of the assessment year or before the completion of the assessment. You can file the revised ITR at various times.

Steps to Correct Mistakes after Income Tax Return Filing

The process of filing a revised ITR includes a number of steps. It would help if you pay proper attention to the process of filing a revised ITR. In order to correct the mistakes after your Income Tax Return filing, you must have to follow the given steps. Here is the procedure-

  • Step 1: Identify the Mistake

First of all, you must have to identify and understand the mistake that you have made. For this, it is advisable to review your return carefully, comparing it with your financial documents, including Form 16, Form 26AS, bank statements, and other relevant records.

  • Step 2: Check Eligibility for filing Revised ITR

Then, you have to verify whether you are eligible to file a revised ITR under section 139(5) or not. If there is any omission or wrong statement in your original return, then you can file the revised ITR. 

  • Step 3: Gather Essential Documents

After that you should have to gather all the crucial documents that have been needed to correct the errors including PAN card, Bank Statements, Form 16 & Form 26AS, investment proofs, & relevant receipts. 

  • Step 4: Log in to e-filing portal

After preparing all the documents, you have to access the e-filing portal of IT department and log into it using your credentials.

  • Step 5: Select Assessment Year

Then, you have to select the relevant assessment year for which you have filed your original ITR.

  • Step 6: Select ITR Form 

After that you have to choose the appropriate ITR Form as per your income sources.

  • Step 7: Choose Filing Type 

Then you have to select the option of “Filing under section 139(5)” to file a revised return.

  • Step 8: Enter the Original Details 

Then you have to enter the accurate details that you have been filled in your original return including acknowledgement number and filing date.

  • Step 9: Correct Errors 

After that you have to make the necessary corrections to the income, deductions, or any other details. 

  • Step 10: Compute Tax Liability 

After that, you have to recalculate the tax liability as per the revised information.

  • Step 11: Final Submission 

Then, you have to verify your revised return by using Aadhaar OTP, DSC i.e. Digital Signature Certificate or by sending a signed physical copy of ITR-V to the Centralized Processing Center (CPC) in Bengaluru and submit it.

  • Step 12: Acknowledgement Receipt

At last, after the successful verification & submission, you will get an acknowledgement receipt of revised ITR.

These are the step include in the process of correct mistakes after online ITR Filing. it would be best if you to understand these steps properly for a hassle free correction.

Critical Considerations to Correct Mistakes after Income Tax Return Filing

You must have to remember some essential points while correction the errors after Income Tax Return Filing. Here are the key considerations-

  • Deadline

Just make sure that you file the revised ITR before the end of the relevant assessment year or before the completion of the assessment (whichever is earlier).

  • Penalty & Interest 

If there is any additional tax liability after the correction, just remember to pay the due tax along with interest under sections 234A, 234B, & 234C to avoid penalties.

  • Multiple Revisions

You can revise your return multiple times. But it is advisable to avoid frequent revisions and aim for accuracy to prevent confusion.

  • Accuracy

It would be best to double-check all the details before the submission of the revised return to make sure about the accuracy of the corrections.

Key Features of Revised Income Tax Return Filing

In this section of the blog, we will discuss the key features of filing revised Income Tax Return that you have to know-

  • No Penalty for Genuine Mistakes

Usually, if taxpayers correct the genuine mistakes in a revised ITR, then no penalty will be imposed on them. But in case, taxpayers misreport their income intentionally then it will attract the penalties.

  • Correction of Errors

Taxpayers can correct the various errors including incorrect income reporting, missed deductions, or wrong calculations in their revised Income Tax Return.

  • Filing Deadline

You can file the revised ITR before the end of the assessment year or before the completion of the assessment (whichever is earlier)

  • Multiple Revisions Allowed

Taxpayers can revise their original returns multiple times within the given timeframe. It will make sure about the accuracy in their filings.

Tips to Avoid Mistakes in Future for Income Tax Return Filing

In future, you can escape from filing revised ITR. You should remember some points while filing your actual Income Tax Return in future. Here, in this section of blog, we will provide you some tips that you should keep in mind while filing ITR to avoid any mistakes.

  • Accurate Documentation

You should maintain accurate & updated records of all your income, investments, and tax payments.

  • Consult a Professional

It will be better to seek the guidance of a tax professional or chartered accountant, specifically when you tax situation is complicated. You can find the experts by searching “CA near me for ITR Filing”. You will get the best professionals.

  • Early Preparation

It is advisable to prepare your Income Tax return well in advance to prevent any last-minute hassle & errors.

  • Use Reliable Software

It would be best if you used reliable software for your tax filings to guide you throughout the process and reduce the risk of errors.

  • Regular Updates

You should stay updated with the latest changes in tax laws & regulations to make sure about the compliance.

These are some basic tips that can help you in filing your original ITR without any mistake.

Final Words

Making mistakes is the part of human nature. So, taxpayers can make mistakes in online ITR Filing. But you don’t need to worry. The Income Tax Department provides you a straightforward process with the help of which you correct the errors by filing a revised return. You can file your revised ITR precisely and avoid potential penalties by following the steps mentioned above. You can seek the expert guidance of ITR Filing Consultants like Legal Pillers. Legal Pillers is always there to help you. We have a dedicated team of professionals having years of experience of filing ITR online. We will help you at every possible ways. So, your search ends with Legal Pillers. Choose us as your trusted partner to correct the mistakes after Income Tax Return Filing online.

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