Made mistake while filing your ITR?
It is usual that sometimes we make mistakes while filing our Income tax return online, this might be a case of sufficing incorrect figures, taking unjust deductions, ignored interest incomes and other income sources etc. It is necessary that we take utmost care to avoid such probable mistakes.
But there is nothing to lose heart because the tax department provides another opportunity to every taxpayer to re-submit their Income tax return either before completion of the relevant assessment year or before the completion of assessment whichever is earlier i.e. for F.Y. 2017-18 last date to revise your Income Tax Return is 31st March 2019.
As per Section 139(5), the Income-tax department allows taxpayers to rectify their mistakes in the return submitted to the department and submit a Revised Return for the same.
A Revised return allows you to resubmit your faulted Income tax return after you rectify and make corrections to the error or omission of facts that you discovered after filing your original ITR. Filing of a revised return simply means that you are filing and submitting the correct information to the tax department against previous facts out of those you disclosed in the original return.
For example: If you have submitted your ITR for the financial year 2017-18, the due date for filing your revised return would be 31st March 2019.
(Note: If the scrutiny assessment of your ITR has been completed under Section 143(3) and Section 144, you cannot submit a revised return for the same, provided that it can be resubmitted if processed under Section 143(1))
A belated income tax return is a return which is filed by the taxpayer after the due date of the return filing period and before the expiry of the assessment period or assessment whichever is earlier.
Belated return is one which is:
1. Filed after the specified due dates as mentioned under Section 139(1) .
2. Filed on receipt of notice from the Income tax officer under section 142 (1) directing the taxpayer to file his return before a specified date.
For example, The due date for filing ITR for FY 2017-18 as stated by the department was 31st July /31 September 2018, the belated return for the same can be filed by 31st March 2019. (i.e. the end of the assessment year)
As per the amendments made through the Finance Act,2016 as applicable from Assessment year 17-18, a belated return filed under Section 139(4) can be revised.
Filing of an online income return requires assistance and expertise of a professional tax service provider, it assures you accuracy in tax computations and minimizes your tax penalties. Taxgoal is an online income tax service provider in Delhi, which takes care of all your tax, needs and holds multicity in business financial services.
Non-filing of timely returns and belated return filing keeps you away from the probable tax benefits and lease out following problems and penalties for you:
The due date for filling the revised return for the FY 2017-18 (AY 2018-19) is ‘ 31st March, 2019 ‘. Get yourself saved from the veiling penalties of the department and file it before 31stMarch 2019 with Taxgoal.in, you can contact our tax expert by mailing us at [email protected] or call at +919899693838.