How to Correct Errors after Filing Return
In case you come across any errors or discrepancies in your filed income tax return, you can rectify them by filing a revised return.
Here is a step-by-step guide to correct errors after filing income tax return:
1. Identify the errors: Check your filed return and pinpoint the errors or discrepancies that require correction. These may include incorrect personal information, wrong income figures, missed deductions, or any other relevant errors.
2. Prepare the revised return: Use the updated and accurate information to prepare a revised return. You can use the same form that was used for the original filing, such as ITR-1, ITR-2, etc., and make the necessary changes to rectify the errors.
3. Select the ‘Revised’ option: While filing the revised return, ensure that you choose the ‘Revised’ option in the appropriate field of the form. This indicates that it is a revised return and replaces the previously filed return.
4. Correct the errors: Rectify the errors in the revised return. Update the incorrect information, include any missed income or deductions, and ensure accurate calculations.
5. Generate and submit the revised return: Once you have prepared the revised return, create the XML file using the income tax return preparation software. Log in to the income tax e-filing portal (www.incometaxindiaefiling.gov.in) and upload the XML file of the revised return. Follow the steps to submit the revised return electronically.
6. Acknowledgment of the revised return: After submitting the revised return, you will receive an acknowledgment called the ‘ITR-V’ (Income Tax Return Verification) form. Download and keep a copy of the revised ITR-V for your records.
7. Verify the revised return: To complete the filing process, it is crucial to verify the revised return. You can verify the revised return electronically using methods like Electronic Verification Code (EVC) or Digital Signature Certificate (DSC).
Remember that the option to file a revised return is available within a specific time limit. As per the current regulations, you can file a revised return within the applicable assessment year or before the completion of the assessment, whichever is earlier. Hence, it is advisable to identify and rectify any errors at the earliest to avoid any potential penalties or consequences.
If you need assistance on how to correct the errors or are unsure about the process, it is recommended to consult a tax professional or seek guidance from the income tax department. They can provide specific advice based on your situation and help you navigate the process of correcting errors in your income tax return.
Hi, I am Nikesh Mehta, owner and writer of this site. I’m an analytics professional and also love writing on finance and related industry. I’ve done online course in Financial Markets and Investment Strategy from Indian School of Business. I can be reached at [email protected].