Error in ITR? You can fix it
From errors to eligibility, we tell you all about incometax returns as the July 31 deadline nears
MUMBAI : While you can file income tax returns (ITR) online, there is always a chance of making an error, despite going through the Form 16 and other documents carefully. If so, don’t panic. Here is how you can revise it.
COMMON MISTAKES
Firstly, don’t rush while filing your returns. Pay attention to the details that you are incorporating in your ITR. See if you have filled in all your details such as full name and gender correctly. One of the most common errors that taxpayers make in personal details is the gender. You can also make a mistake while calculating your deductions under 80C such as payment of insurance premium and child’s tuition fee, house rent allowance and details under section 80G in terms of donation. See if you have mentioned all your income such as interest income from bank fixed deposit, interest on savings account, freelance assignments and investments made in the name of your spouse or children. There should also not be any discrepancy in your TDS. Check if you have filed your income tax in the right ITR form.
HOW TO MAKE CORRECTIONS?
According to the income tax website, legally, a return can be revised any number of times before the expiry of one year from the end of the assessment year or before the completion of the assessment by the department, whichever takes place earlier. “There are two ways to correct the details, revise your returns or rectify your ITR,” said Preeti Khurana, a chartered accountant and tax expert at Cleartax.
There is no separate process to revise your ITR. You log into the e-filing website, with user ID, password, date of birth and captcha code. For revision, you will have to go to your ITR form option, which you used while filing it originally. Then, click on the revision option, where you will have to provide acknowledgement number of the ITR you filed initially. After this, you can make the changes.
“This works in cases where you have forgotten to mention any of your 80C deductions. A revision means that the ITR you filed initially will be null and void and the revised one will be considered by the income tax department,” said Khurana.
Any inadvertent mistake may add negative marks to your tax history. Take your time and fill up all details with diligence.
HOME LOAN
When you plan to take a home loan, your bank will ask you to provide details such as salary slip, bank account details, permanent account number and ITR. A majority of the banks ask for documents
OVERSEAS TRIP
If you plan to go on a trip abroad, you will have to submit your ITR, depending on
TAX REFUND
Now consider this. Suppose you are a salaried individual. You are earning an