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What happens when tax return is wrong?
Generally, taxpayers are quite careful while filing their Income Tax Return, but there are times when they end up making a mistake. Well, in that case what a taxpayer should do? Should he let the mistake be or rectify it? We would suggest the taxpayer to rectify their mistake and file a revised return, we will tell you how you can revise your Income Tax Return.
Once a taxpayer has filed the Income Tax Return within the stipulated time, they have a chance to revise their Income Tax Return. Here are the steps that you can follow to revise you ITR in no time: -
What happens when tax return is wrong?
- Visit the official e-filing website of the Income Tax Department.
- Choose the relevant assessment year and Form from the dashboard, in order to revise the ITR of the year, you wish to file.
- You will have to open the excel sheet, that consist of your original ITR and then you will have to go to the file revised return option. You are required to choose section 139(5) from the drop-down menu.
- Then you will be asked to submit your ITR Acknowledgement number along with your previous date for which you have already filed the and wish to revise it.
- Once you are done filing your revised return, you just need to send the ITR-V to Bangalore.
- Last but not the least, you will have to download your revised ITR-V and send it to CPC or Centralized Processing Center, Bangalore, within 120 days of filing you Income Tax Returns, either manually or electronically. If you are eligible for tax refund, you will receive the same in your registered bank after a couple of days from verifying your Income Tax Return.
So, file your Income Tax Return within the stipulated time, in order to revise it, if any error occurs.
