Made a mistake while filing tax returns? Here's how you can fix it

Every individual whose income exceeds the basic exemption limit of Rs 250,000 must file an income tax return. This limit is Rs 300,000 for those who are older than 60 years but less than 80 years, and Rs 500,000 for those who are more than 80 years old.

While filing these returns, there is always the possibility of an unintentional or arithmetic error or an omission of details creeping into the return. This could be because of lack of taxpayer’s knowledge in tax laws or can be attributed to insufficient information while filing the return.

In such a case, does the income tax law provide for correction of such mistakes? Yes, Income tax law does have a provision for correcting or rectifying such errors. This can be done by filing a revised return.

Revising the return of income

As per the law as it stands today, from the Assessment Year (AY) 2018-19, a return of income filed within the due date i.e. the original return of income (generally 31 July for individuals) or a return filed after the due date called the belated return, can be revised if a taxpayer discovers any omission or wrong statement in the return filed. Such revision has to be done before the end of the assessment year for which return was filed. For example, if a revision is required to be done for a return filed for Assessment Year 2018-19, such revision can be done anytime on or before 31 March 2019.

However, for returns filed prior to AY 2018-19, one has a time limit of 1 whole year form the end of an AY to file a revised return i.e for AY 2017-18 and prior years, a revised return could be filed anytime on or before 31 March 2019.