Filing your Income Tax Return (ITR) can be a lengthy and detail-oriented process. This is more so when you have deductions and exemptions to include. Given human nature, mistakes can happen, be it due to a rushed deadline or lack of awareness about an amendment.
Thankfully, there is a process for the rectification of Income Tax Returns. You can submit a request for an ITR rectification under section 154(1) of the Income Tax Act of 1961. By filing the request for rectification, you can fix errors with the correct information.
However, keep in mind that there is a time limit for rectification of Income Tax Returns. So, it is crucial to complete the process at the earliest. This will help you avoid any hassles and penalties.
The process for rectification of Income Tax Returns is available on the IT website, making it simple, easy and less cumbersome. Read on to learn what are the criteria and limits for ITR rectification and how you can request rectification of income tax return on the new portal.
By filing a rectification request, you can correct the following mistakes you may have overlooked when filing your returns:
Errors in calculating total tax liability and deductions
Minor clerical errors
Mistakes due to changes in tax rates
Mismatch in advance tax
Incorrect mention of your gender
Lack of additional details for capital gains
While the aforementioned errors are applicable for rectification, remember that you are not allowed to change your address or bank account details mentioned on your returns.
Also, make sure that you file your revised returns on or before the completion of a specific assessment year.
Registered taxpayers and e-Return Intermediary (ERI), authorised to act as a link between the taxpayer and Income Tax Department, can e-file rectifications. However, this needs to be done within the rectification of income tax return time limit.
In addition, representative authorities of the Income Tax department can file a rectification request if it appears on the record. To e-file an ITR rectification, a taxpayer needs to have a valid user ID and a password.
You can only file a rectification request against the intimation order issued by the CPC (Central Processing Unit) under section 143(1) or 154. So, if the CPC does not process your ITR, you cannot file for rectification.
Also, note that you are not allowed to withdraw your rectification requests once you submit them. Simply put, you can file a new rectification request only after your pending one has been processed by the CPC.
Further, if you have filed your ITR before the due date, you can correct the details without filing for rectification of income tax returns. For older filings, the ITR rectification time limit is 4 years, after which you cannot file a request for rectification.
If you want to know how to rectify income tax returns, simply follow these steps
Step 1: Log in to the income tax e-filing portal using your ID and password
Step 2: Choose ‘Rectification’ from the ‘Services’ section
Step 3: Select the filing request by clicking the ‘New Request’ tab
Step 4: Opt for ‘Wealth Tax’ or ‘Income Tax’
Step 5: Select the assessment year and continue on the new request page
After completing the process, you can select the type of request you wish to file for rectification.
Under the option ‘Reprocess the Return’, you can submit the request. You must select the details you want to edit for tax credit mismatch requests. Here are the options you can choose from:
TDS on Salary Details
TDS on Other than Salary Details
TDS on Transfer of Immovable Property and Rent
Tax Collected at Source
Advance Tax or Self-Assessment of Tax Details
After submitting your rectification request, you will receive a message or mail stating your 15-digit rectification reference number. You may check this number by logging into your e-filing account.
After you have submitted your request, the income tax department will get back to you in due time. After e-filing, the maximum ITR rectification processing time limit is up to 6 months, as per guidelines.
Armed with this crucial information, make sure to complete the process on time. The e-filing portal makes it easy to file for rectification of Income Tax Returns without any hassle. Keep your intimation or order number handy while filing for a seamless experience.
By filing an ITR rectification request, you can correct factual errors due to changes in tax law or calculation errors.
You can only file a rectification form for your ITR if you have received an intimation order from CPC or Assessing Officer.
Once you have submitted a rectification request, you cannot withdraw it. However, you can file another request as a correction of the previous rectification.
You cannot change your income details once you have filed your ITR. However, you can change your bank or address details through service requests on the e-filing portal.