At the time of filing our income tax return (ITR) we take the utmost care not to make mistakes. However, at times it may happen that we make a mistake while filing our ITR at the last minute. These could include mentioning the wrong bank account number, forgetting to declare interest income, or claiming the wrong deduction. However, don’t worry if you have made a mistake as the current income tax laws allow you to correct it. Abhishek Soni, CEO, tax2win.in, a tax-return filing company, says, “If you have discovered the mistake after filing your income tax return, then you can rectify your mistake as allowed under the current tax laws. Section 139(5) of the Income-Tax Act allows taxpayers to rectify their mistake by filing a revised income tax return”. This section states that if someone after filing their return discovers any omission or wrong statement, then he can furnish a revised return any time before the end of relevant assessment year or before the completion of assessment, whichever is earlier. Assessment year is the year immediately following the financial year for which the return is filed. Also Read: 8 mistakes to avoid while filing ITR So, if you have… Read full this story
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