While filing your ITR within the due date is necessary, filing it correctly is also equally important. Now, with so many details to enter added with the end-moment rush, it’s possible to make some mistakes or miss out on any important information.
But don’t worry if you make an error in your ITR, it’s not the end of the world and below are 2 things you can do.
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Discard your ITR: This feature was introduced last year on the Income Tax Portal where you can discard a filed ITR if you have made a mistake and start filing a fresh one.
But remember,
- The original ITR must not be e-verified or else you’ll have to go for option 2.
- If the ITR is discarded once, it can’t be reversed and it will mean that the ITR filed earlier was not filed at all.
- Make sure to file the correct ITR after discarding, and e-verify it timely before the due date to avoid late filing penalty.
How to discard an ITR?
- You will first have to log in to the e-filing portal.
- Navigate to e-file> Income Tax Return> e-verify ITR> Discard.
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File a revised ITR: To rectify any errors in your filed ITR or to report any income that was previously missed, you can file a revised return. This return will be filed u/s 139(5) and the information you disclose here will be considered over your original return.
This means, the revised return will substitute the original one once it’s filed.
Moreover, there is no limit on the number of revised returns you can submit.
However, you will have to provide complete details of the original ITR, that is, the first ITR that was filed, every time you file a revised return.Remember to,
- Select filing type as 139(5) - Revised Return and enter the details of your original return.
- E-verify the revised return within 30 days of filing it.
The due date to file a revised return is 31st December of the relevant assessment year.