Filing an Income Tax Return is not only better than being a taxpayer but it also gives you a lot of other benefits. The last date for filing of ITR for the last financial year 2017-18 is 31 July 2018. There are many taxpayers who file their returns in the last minute. In such a situation, this possibility becomes very fast that there will be some mistakes during your returning.
You should be aware that the greater crime is not to file an ITR, the greater crime is to make a mistake in the ITR. You should know how hard you can make a mistake during filing an ITR. We have talked to E-Munshi’s Tax Expert Ankit Gupta in this regard.
What will happen if you make a mistake in return?
Your return will not be processed under section 143 (1) of income tax in the event of a mistake in return.
In the event of a mistake in return, you can also send a notice on behalf of the Income Tax Department under 139 (9). In this, you are given another chance to file returns.
If you make a mistake in return, your return will not be processed or it will be assumed that you have not filed income tax returns.
If you have made a mistake in your ITR, then the Income Tax Department gives you a chance to correct it. This is called revised ITR in the language of tax.
Why is the Revised ITR filled?
The revised ITR is filled in the face when there are some mistakes in your ITR. That is, if you have made some mistakes during the ITR, then you can improve them through this. Revised returns are filed under Section 139 (5) of Income Tax.