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! Then there are those who do it every year yet cannot remember the process. The confusion can often lead to mistakes while filing income tax. It needs to be noted that a delay in ITR filing can anyway lead to a penalty. If filed after deadline, penalties between Rs 1,000 to maximum Rs 10,000 can be levied on you, depending upon your income and time of filing.
So, while it is important to file your ITR on time, the taxpayers are also prone to making mistakes and errors due to this hurry/ If you face this situation then know that the department allows you to rectify errors, but that must be done within a specified period.
According to section 139(5) of Income Tax Act, revised return can be filed online. There are certain conditions one must fulfill.
If a taxpayer is furnishing return under section 139(1)/(4), and later discovers any omission or mistake in statement, then he or she can furnish a revised return. This can be filed before the end of the relevant assessment year or before the completion of that assessment year whichever is earlier.
For example, while filing ITR for assessment year 2020-21, if any error occurs you have the time period of up to March 2021 for rectification.
But for the earlier assessment year preceding to the assessment year 2020-21, a return can be revised before the expiry of one year from the end of the assessment year or before the completion of the assessment by the department whichever is earlier.
Sadly, if your original return has been filed in paper format or manually, then it cannot be revised by online mode or electronically.
There are seven forms available in ITR such as ITR1, ITR2, ITR3, ITR4, ITR5, ITR6 and ITR7 depending upon the category of your income and income from other sources.
ITR is prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Department. Also, ITR allows carry -forward of loss and claim refund from the department.