The deadline for filing Income Tax Returns (ITRs) for Assessment Year 2023-24 was July 31, 2023. As per government data estimates, a total of 6.77 crore returns were submitted by that date. However, the eleventh-hour rush to file returns often results in the occurrence of errors. This situation can cause apprehension among taxpayers who are concerned about the potential repercussions of these mistakes.
Several avenues are available for rectifying errors in ITRs. One approach involves submitting a rectification request to the Income Tax Department, either through online channels or by conventional mail. Alternatively, taxpayers can opt to file a revised return, a process that remains accessible within two years from the original filing date.
Addressing any errors in your ITR promptly is of paramount importance. Doing so will assist in averting potential penalties or accruing interest charges.
To allay the worries of taxpayers who harbour doubts about the accuracy of their ITR filing, let's delve into the subsequent steps. Thankfully, the Income Tax Department provides several avenues for addressing errors in ITR filing.
Filing a “Rectification Request” to correct the errors
Upon completing the submission of your ITR form, it becomes crucial to meticulously review the details to ensure their accuracy. Common errors that can occur include inaccuracies in the bank account number, omissions of eligible deductions, or overlooking certain sources of income.
Should you identify any discrepancies within your ITR filing, there is no need for undue alarm. Remedies are at your disposal. You can initiate a “Rectification Request” to rectify the errors. In case you inadvertently omitted a tax deduction, you retain the option to file a revised return by Section 139(5) of the Income Tax Act, 1961.
Below are some suggestions for meticulously reviewing your ITR for potential errors:
Thoroughly examine your ITR: Dedicate ample time to meticulously inspect all details presented in your ITR.
Cross-check with tax documents: Verify that the information within your ITR aligns accurately with the data contained in your tax documents.
Use a tax calculator: Employ a tax calculator to validate the accuracy of your calculations.
Seek professional assistance: If uncertainty persists regarding the error-checking process for your ITR, don't hesitate to seek guidance from a qualified tax professional.
How to rectify the error?
To rectify an inaccurate bank account number or any other errors in your ITR, you can access the e-Filing portal provided by the Income Tax Department. Upon logging in, navigate to the “Rectification Request” section. This will lead you to a page where you can input your ITR details and specify the error that requires correction.
Essential information to furnish includes:
- Assessment Year about the rectification request.
- Acknowledgement Number associated with your ITR.
- Comprehensive details concerning the specific error necessitating correction.
Upon submission of your rectification request, the Income Tax Department will undertake a review and proceed with appropriate actions.
To amend an erroneous bank account number in your ITR, follow these steps:
- Log in to the e-Filing portal offered by the Income Tax Department.
- Access the “Rectification Request” section.
- Provide the assessment year relevant to your rectification request.
- Input the acknowledgement number corresponding to your ITR.
- Detail the specific error about the bank account number.
- Confirm your submission by clicking the “Submit” button.
Subsequently, the Income Tax Department will evaluate your rectification request and initiate the necessary measures.
If you have failed to claim a tax deduction, you have the option to submit an amended ITR. According to Section 139(5), a taxpayer is allowed to file a revised return at any point within three months preceding the conclusion of the pertinent assessment year or before the conclusion of the assessment process, whichever occurs first.
How to file a revised ITR?
Filing a revised ITR form is another way to correct the errors made while filing your original income tax returns.
For submitting a revised ITR to claim unclaimed tax deductions, adhere to these steps:
- Access the Income Tax e-filing portal and authenticate using your credentials.
- Choose the pertinent assessment year and the corresponding ITR form number.
- Opt for the “Prepare and submit online” mode.
- Complete all essential details, ensuring the inclusion of previously omitted tax deductions.
- Record the specifics from the original return.
- Conclude by selecting "Revised u/s 139(5)" within the original ITR details, and subsequently submit the form.
However, you must bear in mind some additional considerations too. These include:
- A revised ITR can be filed within a span of two years from the original filing date.
- Accompany the revised ITR with any relevant tax payments and applicable interest, if applicable.
- When submitting a revised ITR online, generate and upload the XML file for the revised ITR as required.
No penalties charged
Filing a revised return with the Income Tax Department does not incur any charges or penalties. Nonetheless, if the revised return leads to an alteration in tax liability, interest might be imposed. This is because the taxpayer would have gained an advantage from the deduction or overlooked income in the initial return.
This avenue for rectification, devoid of penalties, serves as an incentive for taxpayers to confidently submit their returns, unburdened by the apprehension of minor errors causing significant repercussions. This holds particular significance for taxpayers who lack familiarity with the tax code or lack access to expert tax guidance.
