Income Tax Returns filing: What happens when you file wrong ITR?
ITR Filing: In case the assessee has filed his Income Tax return (ITR) with errors then the person is granted an opportunity to file a revised ITR in view of the provisions of section 139(5) of the Income Tax Act, 1961, within the prescribed time limit, i.e. 1 year from the end of the relevant assessment year
ITR Filing: Under section 270A, under-reporting of income can attract a penalty of up to 50% of the tax payable on under-reported income. Image source: PTI