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Revised Income Tax Return: Correct Errors by 31st December 2024

? Revised Income Tax Return: Correct Errors by 31st December 2024

1/ ? What is a Revised Income Tax Return (ITR)?
A Revised ITR allows taxpayers to correct errors or omissions in their original income tax return. It's your chance to ensure accuracy and compliance.

2/ ? Deadline Alert!
For the Financial Year 2023-24, you can file a Revised ITR until 31st December 2024. Missing this deadline can lead to penalties or complications.

3/ ? Why Revise Your ITR?

  • Forgot to report income?
  • Claimed the wrong deduction?
  • Made a clerical error?

The Revised ITR ensures your tax return reflects accurate information.

4/ ? How to File a Revised ITR?

  • Log in to the Income Tax portal.
  • Choose the option to file a "Revised Return" under Section 139(5).
  • Provide the acknowledgment number of your original return.
  • Make necessary corrections and submit.

5/ ? Points to Remember:

  • Use the same ITR form as the original filing.
  • Revise as many times as needed before the deadline, but ensure all data is correct.
  • Verify your Revised ITR to complete the process.

6/ ?? Common Errors to Fix:

  • Missing income sources (e.g., interest from savings accounts).
  • Incorrect tax deductions under 80C, 80D, etc.
  • Errors in personal details like PAN or bank account info.

7/ ? Consequences of Not Revising:

  • Inaccurate returns may lead to penalties or scrutiny from the Income Tax Department.
  • Avoid discrepancies that could affect your future financial dealings.

8/ ? Stay Compliant, Stay Stress-Free!
Take this opportunity to review your filed return and correct any mistakes. A Revised ITR safeguards your tax record and ensures peace of mind.

? Have questions about filing your Revised ITR? Drop them below!

 

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