The process of filing an Income Tax Return (ITR) and what to do if a mistake is made in the filing.
Filing an Income Tax Return (ITR): Ensuring Accuracy and Correcting Mistakes
Filing an Income Tax Return (ITR) is a crucial responsibility for every taxpayer. It is important to calculate your income and deductions accurately to avoid any complications in the process. However, errors or omissions can sometimes occur, even with the utmost care. In such situations, it is essential to be aware of the proper course of action to rectify the mistake.
Mistake in ITR: Before Verifying
If you realize that you have made a mistake in your ITR after submitting it but before verifying it, you cannot simply file a new ITR without verifying the first one. The income tax portal will not allow you to do so, as per the rules. Even if you manage to upload a corrected ITR without verifying the original one, you are likely to receive a notice from the tax department. Therefore, the first step in correcting your mistake is to verify the ITR you have already filed.
Mistake in ITR: After Verifying
Once you have verified your ITR and discovered an error or omission, you can file a revised ITR to correct the mistake. It is important to note that a revised ITR is filed under Section 139 (5) of the Income Tax Act, 1961. When submitting a revised ITR, you are required to mention the acknowledgement number of the original ITR and its filing date.
Importance of ITR Verification
When filing an ITR for the first time, it is known as an original ITR and is submitted under Section 139 (1) of the Income Tax Act. Verifying the ITR within 30 days of filing is crucial to complete the tax filing process. Failure to verify your ITR renders it invalid, potentially leading to penalties or consequences. Therefore, it is crucial to ensure timely verification to avoid any complications.
Caution While Filing Revised ITRs
While there is no limit to the number of times an ITR can be revised, it is important to exercise caution and avoid unnecessary revisions. Filing multiple revised ITRs without valid reasons can attract scrutiny from the income tax department. It is advisable to thoroughly review your ITR before submission to reduce the chances of errors or omissions.
Key Deadlines
The last date to file the original ITR for individuals whose accounts are not required to be audited for the fiscal year 2022-23 (assessment year 2023-24) is July 31, 2023. However, the deadline for filing a revised ITR for this period is December 31, 2023. It is crucial to adhere to these deadlines to avoid any complications or penalties.
Recommendations from Chartered Accountants
According to tax experts and chartered accountants, if a mistake is realized after submitting the ITR but before verification, it is advisable to first verify the original ITR. Once verified, you can file a revised ITR to rectify the errors. This approach ensures compliance with the rules and regulations set by the income tax department.
In conclusion, filing an Income Tax Return (ITR) accurately is important to ensure a smooth and hassle-free tax filing process. However, mistakes can happen, and it is crucial to be aware of the appropriate steps to rectify them. By verifying the original ITR and subsequently filing a revised ITR, taxpayers can correct any errors or omissions and maintain compliance with the income tax regulations. Remember to review your ITR carefully before submission to minimize the chances of mistakes, ensuring a seamless tax filing experience.
Income tax return (ITR) forms can lead to confusion if you do not calculate your income or deductions properly. So, what can you do if you make a mistake in your ITR but realise it after submitting but before verifying it? Can you skip verifying the wrong ITR and file it afresh or do you need to verify the ITR already filed and then file a revised ITR to correct the mistake?
If you want to file the unverified ITR afresh and try to upload/file a corrected ITR without verifying the first one, the income tax portal will not allow you to do so. Also, even if, due to a system glitch, you are able to upload a new ITR without verifying the first one you are likely to get a notice from the tax department. If you verify the first ITR and then a new one – the new ITR will be considered as a revised ITR.
As per the rules, if you file an ITR but do not verify it, the tax return is not considered valid, and the tax filing process is incomplete. It’s essential to verify the ITR within 30 days of filing to avoid any penalties or consequences. If you accidentally submit an ITR without verifying it and want to revise the ITR due to any error or omission, you need to first verify the original ITR and only after this can the second ITR be filed
When an individual files an ITR for the first time, it is considered an original ITR. This ITR is filed under Section 139 (1) of the Income Tax Act, 1961. However, a revised ITR is filed under Section 139 (5) of the Income Tax Act. When a revised ITR is filed, an individual is required to mention the acknowledgement number of the original ITR filed and the date of filing the original ITR.
one cannot file another ITR without verifying the first one. The income tax e-filing portal will show an error at the time of final submission. Bangar says, “If an individual submits an ITR and discovers an error before verifying it, then one will be required to verify it. Once the original ITR is verified, then an individual can file the revised ITR to correct the mistakes made in the original ITR.
When an individual tries to upload a fresh ITR without verifying the first ITR, the income tax department shows the error.
The last date to file the original ITR for individuals whose accounts are not required to be audited is July 31, 2023 – for FY 2022-23 (AY 2023-24). However, the last date to file a revised ITR for this period is December 31, 2023.
While an original ITR can be filed only once, there is no limit to the number of times an ITR can be revised. But tax experts advise individuals against revising ITRs unnecessarily. This can raise a query from the income tax department.
An ITR filed but not verified will reflect in the income tax system. Hence, even if an individual is able to file another ITR and verifies it, the income tax department can raise a query about two ITRs filed by an individual against the same PAN.
Hence, according to these chartered accountants, it is advisable to first verify the ITR filed originally and then file the revised ITR again to correct mistakes.