An assessee has filed return in due date claiming relief u/s 89 for arrears however the relief calculated under form 10E and claimed in ITR differ due to that ITR was processed with demand since relief calculated under 10 E form was lower than claimed in ITR 1.
Now demand has been processed against assessee, Plz assist in this case, and what are remedies available with the assessee.
Thanks
At the time of filing our income tax return (ITR) we take the utmost care not to make mistakes. However, at times it may happen that we make a mistake while filing our ITR at the last minute. These could include mentioning the wrong bank account number, forgetting to declare interest income, or claiming the wrong deduction.
Revised return allows you to rectify the error or omission of facts made at the time of filing your original ITR. Filing a revised return simply means filing your return again but this time with the correct information. When filing a revised return you need to mention details of the original return.
Every assessee who has filed his/her ITR is entitled to revise it under section 139(5) to provide correct information to the tax department. Earlier, only those taxpayers who had filed ITR before the expiry of the deadline were allowed to revise their returns. Taxpayers who had filed belated returns, i.e., after the expiry of the original deadline to file ITR were not allowed to revise it. However, now, even belated returns now be revised.
Earlier, tax laws allowed taxpayers to file a revised return till one year after the expiry of the assessment year. This meant that taxpayers had two years from the end of the relevant financial year (the FY for which the return was filed) to correct the mistake and file a revised return. But the time limit to file a revised ITR was reduced last year.
The process of filing a revised ITR is the same as filing an original one. However, while filing a revised ITR, you are required to file it under section 139(5) of the Income-tax Act. You are required to select option '17 - Revised u/s 139(5)' in the 'return filed under' column. The ITR form will additionally ask you for details of the original ITR, i.e. receipt number and date of filing of original ITR
There is no limit for the number of times you can file a revised return. Remember, every time you file a revised return, you are required to provide details of your original ITR. Revising your tax return is a chance for you to rectify your mistake, but one should avoid misuse of this facility and ensure utmost care while filing the original tax return
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