While tax authorities permit you to revise your tax return in case of an error
Taxpayers are typically cautious and exercise due care while income tax filing (I-T) returns. But very often, in the rush to meet deadlines, many of them end up making errors. Some of these include not claiming deductions, not reporting losses, incorrect or total lack of reporting of income.
These mistakes could occur due to lack of knowledge of the provisions of tax laws or due to lack of accurate information at the time of filing the original return. Lawmakers are mindful of such situations and, hence, have made provisions for an opportunity to file a revised income tax return, in case an omission or wrong statement is discovered after filing of the original tax return. However, this task must be completed within a specific time frame.
Timelines are crucial
The first point that the taxpayer must remember is that if he changes the income declared, the tax officer could levy additional tax and interest on it. Any additional tax liability on account of change in income reported or change in tax deducted at source (TDS) would attract penal interest on account of delay in payment of such additional taxes. A tax return can be revised any number of times, as long as there is no wilful concealment of income by the taxpayer and is filed within the prescribed time limit.
The time frame available to an individual taxpayer for filing revised tax returns is crucial. The tax law has been changed in recent times regarding the timeline for filing revised returns for assessment year (AY) 2016-17, which is, financial year 2015-16 (FY) and onwards, read more...
These mistakes could occur due to lack of knowledge of the provisions of tax laws or due to lack of accurate information at the time of filing the original return. Lawmakers are mindful of such situations and, hence, have made provisions for an opportunity to file a revised income tax return, in case an omission or wrong statement is discovered after filing of the original tax return. However, this task must be completed within a specific time frame.
Timelines are crucial
The first point that the taxpayer must remember is that if he changes the income declared, the tax officer could levy additional tax and interest on it. Any additional tax liability on account of change in income reported or change in tax deducted at source (TDS) would attract penal interest on account of delay in payment of such additional taxes. A tax return can be revised any number of times, as long as there is no wilful concealment of income by the taxpayer and is filed within the prescribed time limit.
The time frame available to an individual taxpayer for filing revised tax returns is crucial. The tax law has been changed in recent times regarding the timeline for filing revised returns for assessment year (AY) 2016-17, which is, financial year 2015-16 (FY) and onwards, read more...
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