Submitted wrong ITR form? Know how many times you can revise return

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Also Read: Income Tax Return filing: 60 days to go! A lowdown on the tax forms you can opt forCorrectly filing your ITR form is essential for several reasons. Below is a summary of the principal advantages:Accurate ITR filing ensures that you fulfill your tax obligations, receive any benefits to which you are eligible, and maintain excellent financial standing for many reasons.

Also Read: ITR Filing FY24: 6 key points taxpayers must know as July 31 deadline looms largeYou are required to file a revised ITR form if you find any errors or omissions on your initial return.

An outline of the key ideas is provided below:As long as you meet the deadline, you can amend your ITR as many times as you like in India. With this flexibility, you can make any corrections to your initial return that were missed or incomplete.

This is what you must do:Moreover, filing an amended ITR carries no penalty, unlike late returns, which can be subject to fines. Your original file has been replaced with the updated return, which is the last submission that the Income Tax Department has reviewed.

Although updates are allowed, it is usually better to aim for accuracy in your initial ITR file. This ensures a smooth processing of your tax return and saves time.