Meaning of Income Tax Return?
Income Tax Return (ITR) is a form that an individual file an information about his income and pay the taxes during the year and that form is submitted to the Income Tax Department of India. The tax liability of a taxpayer is calculated on the basis of his/her income. Tax returns should be filed by a person before due date and if the taxpayer is not filed return within due date, then penalty is levied under Income Tax Act, 1961.
Key takeaways
At the time of filing ITR, the taxpayers are careful not to make mistakes and exercise due diligence. But sometimes unwanted mistakes happen at the time of filing ITR. If you have made any mistakes in filing, you don’t need to worry about it. This return can be revised under current Income Tax Laws. Under Section 139(5) of Income Tax Act 1961, allows taxpayers to correct or rectify their mistakes in their original return by filing revised return.
Ways to correct Income Tax Return
If you have done some mistakes at the time of filing ITR, here are the ways to correct it:
- Revised Return [Section 139(5)]
- Rectifications of Returns [Section 154]
- Revised Return [Section 139(5)]
Revised Return is a return as revision of the original Income Tax Return which is filed under Section 139(5). It is revised in case of any mistakes and omissions in original return. Revised return should be filed only till 31st December of the current assessment year. Taxpayers need to mention all the details of the original return at the time of filing revised return. Through this, any details in the ITR can be changed.
- Rectifications of Returns [Section 154]
It the mistakes done in the ITR is clear from the record or the time limit for revision of return has expired, then Rectification of Returns under Section 154 can be done.
Rectification can be filed upto 4 years from the end of that year in which intimation was passed. No new deductions and exemptions can be claimed while filing rectification of return under Section 154.
Conclusion:
Once you have filed revised return, you should ensure that it is verified. Because if the return is not verified, then it is not accepted by the Income Tax Department. After all the reading, if you have any doubt you can take professional help from the experts of company suggestion to get best results.
