No worries if you have made a mistake while filing your income tax return provided you to fill within deadline, which was 5 august 2016. Correction in your ITR is now possible, if you had made any error before. Tax payers are allows submitting revised ITR; sec 139(5) allow it. So, if you don’t want to be penalised in future, you can submit a revised form, in case if you have filled wrong information.
You can revise your ITR with no limits, but if again and again you are revising ITR, your return can be inspected. To avoid this you only do correction of unintentional omissions or mistakes.
If you are hiding your income, then you will be fined anywhere between 100 to 300% of the tax due, or for false return filing can get you to imprisonment under sec 277.
Procedure of filing a revised ITR:
- In revised form you have to enter the acknowledgement number and date which you put on the original ITR.
- Form filing can be done online or offline. You must have 15 digit acknowledgment number sent by income tax department, which is of original ITR.
- Lastly, check all the details carefully before submission of the revised form. Also check the unchanged details in case if you wrongly filled it. Some methods given by the income tax department to verify i.e net banking, adhaar one time password, or can send the ITR-V of the revised form to the centralized processing centre, Bangalore.