Government The last date for filing ITR for FY 2024-25 (Assessment Year 2025-26) has been extended till September 15. In such a situation, if you are preparing to file your return, then take care of some things. If you see some mistakes in your ITR form, such as some sources of income are not mentioned, you can modify or correct them. The small mistake in income tax returns can cause trouble later. Let’s know what to do to avoid later troubles?
Amend the returns
If wrong information is lost in filing returns from you, then amend your returns to avoid notice. Mistakes made while hiding some sources of income in filing returns or entering a bank account details can be serious. If you find out the mistake in time, then you can amend the return before 31 December, which is the date of filing late returns.
Mistakes in filing returns
- Wrong selection of ITR form
- Individual information
- Put the wrong details of the bank account
- Not announced all income
- Do not claim additional taxes by claiming cuttings
Fake information is imposed on wrong information
If you know the mistake, especially if you have forgotten to inform the foreign bank or pension account, ESOP, etc. from the multinational companies, then you have to file a revised return to avoid income tax notice. Not announcing foreign income or property will impose a fine under black money (undeclared foreign income and property) and Tax Administration Act, 2015. However, for not disclosing the foreign assets worth less than Rs 20 lakh, the budget will not be fined after amending the budget 2024.
How to modify returns
To modify your returns, log on to the e-filing portal. Go to ‘E-File’, click on ‘Income Tax Returns’, choose the related assessment year and click on ‘Revised Returns under Section 139 (5)’. When modifying the returns, write the acute return number of the original returns. You have to modify your return three months before the end of the assessment year or before the completion of the assessment. Therefore, for the assessment year 2025-26, the last date for filing revised returns is December 31, 2025.
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