Sunday, October 24, 2021
HomeBusinessMade a mistake while filing ITR? Know How You Can Correct It...

Made a mistake while filing ITR? Know How You Can Correct It Now


In mild of COVID-19 pandemic in India, the Central Board of Direct Taxes (CBDT) has prolonged the deadline for submitting Earnings Tax Return for the evaluation yr 2020-21. “The submitting of belated return underneath sub-section (4) and revised return underneath sub-section (5) of Part 139 of the Earnings Tax Act, for Evaluation Yr 2020-21, which was required to be filed on or earlier than March 31, 2021, could also be filed on or earlier than Could 31, 2021,” CBDT stated in a press release.

What it means for taxpayers

Those that haven’t filed the earnings tax returns for the monetary yr 2019-20 but, will get time until Could 31 to submit returns, in accordance with the brand new round. Furthermore, this extension will likely be useful for individuals who need to make modifications of their earnings time tax returns filed for FY20. If any particular person has made a mistake whereas submitting ITR, she or he will be capable to revise it, CBDT stated.

We take utmost care whereas submitting our earnings tax returns. Nevertheless, we make mistake at occasions. Part 139(5) of the Earnings-Tax Act permits taxpayers to rectify their mistake by submitting a revised earnings tax return.

What’s a revised earnings tax return?

If a taxpayer discovers any omission or any unsuitable assertion within the unique earnings tax return (ITR), it may be corrected by submitting a revised return. It should be famous that a person has to say the small print of the unique return whereas submitting the revised return.

Who can file a revised ITR?

Each taxpayer who has filed earnings tax return is permitted to revise or right it. “Typically, a revised tax return submitting is pursued on account of various causes equivalent to unsuitable data furnished in ITR or not furnishing some figures within the returns. It will subsequently be necessary for the tax payer to keep up sufficient documentation in help of the revisions carried out, simply in case of a audit by the tax authorities at a later cut-off date,” Sudhakar Sethuraman, Companion, Deloitte India.

“Nevertheless, revision could be executed solely by those that have filed their unique tax return throughout the due date,” he added.

How one can file a revised ITR

A taxpayer has to file revised earnings tax return underneath Part 139(5) of the Earnings Tax Act.

1) Log in to e-filing portal www.incometaxindiaefiling.gov.in.

2) Then, click on on the e-File menu and click on on Earnings Tax Return hyperlink

3) On Earnings Tax Return Web page, the PAN will likely be auto-populated. Then, choose ‘Evaluation Yr’ and ITR Type quantity. Submitting Sort will likely be ‘Authentic/Revised Return’.

4) Then choose ‘Submission Mode’ as ‘Put together and Submit On-line’

5) Within the on-line ITR kind underneath ‘Common Info Tab’, select ‘Return Submitting Part’ as ‘Revised return underneath part 139(5)’ and ‘Return submitting sort’ as Revised.

6) Then, enter the Acknowledgement Quantity’ and ‘Date of Submitting’ of the unique return filed. It’s obligatory to enter a 15 digit Acknowledgment Quantity whereas submitting the revised return on-line.

7) Fill the related particulars and submit the ITR kind.

8) It should be talked about that verifying Earnings Tax Return is obligatory after submitting revised ITR kind. Earnings Tax division is not going to settle for your return until it’s verified.

There isn’t a restrict for the variety of occasions one can file a revised return. However, as soon as the scrutiny evaluation of your return is accomplished underneath Part 143(3) of the Earnings-tax Act, then a person can not file a revised return.

Final date to file a revised ITR

People can file revised earnings tax return until Could 31, in accordance with the most recent notification by CBDT. “CBDT said that it had obtained requests from many stakeholders for extension and clarified that that they had prolonged the timelines contemplating the truth that the nation is witnessing difficult occasions on account of a extreme second wave of COVID. The extension in time restrict was the necessity of the hour and can provide much-needed aid to the return filers, with many states observing full or partial lockdowns,” stated Archit Gupta, founder and chief government officer, ClearTax.

Learn all of the Latest News, Breaking News and Coronavirus News right here



Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments