What You Need to Know About Filing a Wrong Income Tax Return

Discover the consequences of filing a wrong ITR and how to correct it before the assessment year ends.

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Filing a wrong ITR (Income Tax Return) can lead to penalties, interest charges, or legal scrutiny. To correct this, you must file a revised return under Section 139(5) before the end of the assessment year or before it is assessed. Act quickly to minimize potential issues and always double-check your details before submission.

FAQs & Answers

  1. What are the consequences of filing a wrong ITR? Filing a wrong Income Tax Return (ITR) can result in penalties, interest charges on unpaid tax, and possibly legal action by tax authorities.
  2. How can I correct a wrong ITR submission? To correct a wrong ITR, you must file a revised return under Section 139(5) before the end of the assessment year or before the return has been assessed by the tax authorities.
  3. What is the deadline for filing a revised ITR? You need to file a revised ITR before the end of the assessment year or before the original return is assessed to avoid penalties.
  4. How can I avoid errors when filing my ITR? To minimize errors when filing your ITR, carefully check all details and documents prior to submission, and consider using tax software or consulting a professional.

Watch More

For those looking to deepen their understanding of tax filing and compliance, be sure to check out our related content on how to file a revised tax return and common mistakes to avoid while submitting your ITR. Staying informed can save you time and money, ensuring a smooth tax filing experience.

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