Made a mistake while filing income tax return 2017-18 ? rectify it right now

Made a mistake while filing income tax return 2017-18 ? rectify it right now.

Many tax payers make mistake while filing income tax return.So in this article we have discussed in details,how to rectify or correct the wrongly filed returns.

When we can revise a return ?

We often confuse with these two words:revise and rectification.Well we can revise a return multiple times upto next 2 years if we have filed our original return on or before due date.

Example: suppose you have filed income tax return (for AY 2017-18)on or before due date that is 5th of August.

so you can revise it multiple times upto 31st march 2019.

Note:But be aware of the fact that in case you revise your return for multiple times.

Then your return may be selected for scrutiny meaning that you will have to deposit all your saving details to your Assessing officer.

When we can rectify a return ?

If Income Tax Department has processed our return and  has mailed us communication letter under section 143(1)a.

Only then we can rectify our return.

Also if we have filed our ITR after due date then we can not revise it.Instead we can rectify it.

Example 1 : Suppose you have filed belated return and income tax department has processed your return.

As you know we can not revise belated return.

So if we have made any kind of mistake in our original return then we can correct the mistake only by rectifying it.

Moreover in order to rectify the return you need  communication letter under section 143(1)a.

So IT department will mail you this number after processing your return.

Example 2 : Suppose you have filed your income tax return on or before due date.And you also have verified your return.

In case IT department has processed your return,you can not revise such return.So you have to rectify this return.

Moreover you can revise such return if your return has not been processed.

Most important point:

If you want to correct any kind of mistake in your original return,then do not verify your return until you correct all the mistakes and revise your return.

Kuldeep Singh
 

is a professional blogger,teacher and income tax expert

Click Here to Leave a Comment Below 0 comments

Leave a Reply: