What will happen if you fail to rectify ITR errors before the due date?

financialexpress.com:

Filing of Income Tax Return (ITR) before the July 31 deadline is important for taxpayers to avoid penalties. But in case you file an ITR with some mistakes and fail to rectify it before the due date, there is no need to panic. Tax experts say that you will be able to rectify ITR errors by filing a revised return even after the due date.

“A taxpayer, who discovers any omission or any wrong statement made in his/her original ITR shall be eligible to file revised return u/s 139(5) of the IT Act. Moreover, such a revised return can be filed on or before three months prior to the end of the relevant assessment year (i.e., 31st December 2023 for AY 2023-24) or before the completion of the assessment, whichever is earlier,” says Dr Suresh Surana, Founder, RSM India, a tax consultancy firm.

“Further, such taxpayer may also consider the filing of updated return u/s 139(8A) of the IT Act within 24 months from the end of the assessment year subject to certain specified conditions and payment of additional tax u/s 140B of the IT Act. Such an updated return, however, cannot be filed in cases where such an updated return is a loss return or in case any search, survey proceedings, etc. have been initiated,” he adds

While filing their returns, taxpayers often make some common mistakes. Dr Surana says as the due date of filing ITR for individual taxpayers is fast approaching, individuals in a haste to file their returns, may end up making the following errors:

Selecting Incorrect ITR Form

The taxpayer may misinterpret the eligibility criteria while selecting ITR form applicable to him/her and end up choosing wrong ITR form, which shall lead the return to be treated as defective or make the ITR invalid altogether.

Also Read: Income Tax