Made a mistake in your tax return? Here's how to correct it even after receiving a refund
New Delhi, June 21 -- Even after carefully filing your income tax return (ITR), mistakes can sometimes slip through. You may realise later that you forgot to report certain income, claimed excess deductions or even selected the wrong ITR form. In certain cases, taxpayers spot errors only after they have already received their tax refund.
The good news is that such mistakes can usually be corrected. The income tax law allows taxpayers to file a revised return under Section 139(5), giving them the opportunity to rectify errors and submit the correct details without facing any immediate penalty.
Like we discussed before, revised return allows a taxpayer correct mistakes or omissions made in the original ITR. The following are the usual err...
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