Income Tax Return (ITR) filing: Did you make a mistake? Here’s what you should know
The more you delay your ITR filing, the likelihood of being slapped with penalties increases.
The due date for filing Income Tax Return (ITR) for fiscal year 18-19 is July 31, 2019. With less than three months left, there will be many people making a beeline for Income Tax Department portal at the last minute. It needs to be noted, the more you delay your ITR filing, the more you become prone to penalties. 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. Hence, it is of utmost importance that you file your ITR on time. But because taxpayers are in a hurry to file their ITR, they are also prone to making mistakes and errors. 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. Here there are certain conditions one must fulfill.
For instance, 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 2019-20, if any error occurs you have the time period of up to March 2020 for rectification.
But for the earlier assessment year preceding to the assessment year 2018-19, 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.