Income tax return filing

Income Tax
21

query 1:

my income was around 2 lakhs . with the Nil tax payable

BUT , accidently , by mistake , ITR was filed and acknowledged with income of 2 crores ; with the huge tax payable due .

how can i re-file the returns ? how can i rectify , modify , update the return with the correct figure of 2 lakhs ?

i have heard that once the ITR is filed : it can’t be re-filed , rectified , modified , updated : if the tax liability is getting reduced .

what is the solution to this case ?

@Muskan_Balar
@Sakshi_Shah1
@Nireka

Query 2 :

if i accidently chose the wrong tax regime ; can i also change the tax regime (between old and new) in re-filing the return ?

22

how do i check / verify : what was my regime in the previous year ?

i also want to check/verify : whether any switches between the regimes have been made in any of the past returns ?

23

Hi @HIREiN

The income tax department maintains the history of your all filed returns.

You can login to your e-Filing portal account and navigate to e-File > Income Tax Return > View Filed Returns and you will be able to access all your past ITR details.

And to see your past Filed Forms including 10IE, navigate to e-File > Income Tax Forms > View Filed Forms.

Hope this helps.

25

Hi @HIREiN

Firstly, how is it possible to file a return without paying your dues?

In case you have incorrectly filed your return, you can file a revised return by updating the correct figure till 31st December of the particular FY.

If the due date has been passed to file a revised return, then you have the option to file the ITR U - updated return, where the taxpayer cannot file an updated ITR if the updated return reduces the total tax liability declared earlier.

Your queries seem to be a more personalized tax situation, you may book a MEET to get your queries solved with expert assistance.

26

in the revised returns :
(1) can i reduce the tax liability ?
(2) can i change the tax regime (between new-old and vice-versa) ?

27

Hi @HIREiN

  1. Yes, you will be able to file the revised return, if your total tax liability gets reduced than declared in the original return.

  2. You can switch between the regimes, only, If you file the revised return within the due date of the original return, by 31st July of a particular financial year.

Read more about Section 139(5) : Revised Return under Income Tax - Learn by Quicko.

28

Although the income is 7 lakhs p.a. BUT since the assessee assessment tax calculation comes to NIL ; the I.T.returns NOT filed !

Query Question : will there be any negative consequences if the I.T. returns not filed ? Will the Taxman sue or levy any penalty or interest on the assessee ?

NOTE : Although the income is more than the basic . BUT . the tax comes to NIL .

Then . will there be any problem to the assessee if the I.T. returns not filed?

29

Hey @HIREiN,

As the income exceeds the basic exemption limit, ITR filing is mandatory.

If not filed, a notice u/s142(1) may be issued for non-filing of ITR and a penalty of ₹5000 can be charged u/s 271F.

Hope this helps!