Filing income tax returns is the most difficult job ever, especially if you are the kind that likes to delay it to the last moment. Remember that making a mistake while filing the ITR may nullify your returns. But the good news is that you get an opportunity to go through the returns you have already filed and also make corrections if you discover any mistakes or omissions by filing a revised return.
Common Mistakes while filing Income Tax Return are-
- Selecting the Incorrect Form
- Quoting the Wrong Assessment Year
- Furnishing Incorrect Personal Information
- No need to file returns if tax has been deducted
- If tax is deducted on interest income, it need not be reported in ITR
- Not Disclosing All the Sources of Income
- Entering the correct details manually
- Failure to Reconcile TDS With Form 26AS
- Form 16 from two or more employer and many more like HRA not given by employer, Calculating the deductions that cannot be claimed, Not Paying Advance Tax/ Self-Assessment Tax, Donations are 100% exempt, Interest on NSC is tax-free, Failure to Dispatch ITR V On Time
Besides, you also need to declare exempt income and ensure that the details of tax deducted at source match with details in Form 26AS,
If there is any extra income, resulting in additional taxes payable, interest at the rate of 1% per month is payable till the payment of tax.
Though the due date to file ITR was extended by a month from 31 July to 31 August, about 5 million people filed their returns on the very last day, according to data on the income-tax website.
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. Revising your tax return is a chance for you to rectify your mistake, but one should avoid misuse of this facility and ensure utmost care while filing the original tax return, adds Soni.
Things to remember
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 by you. To verify your revised income tax return, you can use any of the 6 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.
“Once the scrutiny assessment of your ITR is completed under section 143(3) of the Income-tax Act by the assessing officer, then you cannot file a revised return,” said Soni.
“As a taxpayer you must remember that the deadline to rectify the mistake in your tax return and to file belated return is same, i.e. March 31st of the relevant assessment year. Therefore, if you file a Therefore, if you file a belated return on March 31st, 2020 for the FY 2018-19 (AY 2019-20) you will miss out the chance to rectify the mistake done by you, if any, in your ITR”,
For filing your return on time and error-free
JATIN KUMAR (Advocate)
Mobile: +91 9899659477
CHAMBER NO-G-327, Karkardooma COURT DELHI-110032