ITR Corrections post submission

What should be done if there is a mistake in giving tax details as compared to form 26AS and one has submitted teh return and CPC has received it as well.

Both income and showed tax have some error of small amount due to form 16 A confusions, which was cleared later by bank.

1.will i have to re-file return and again post? If yes, can i do it now or have to wait for intimation from IT deptt. 2.What form will I now have to use to re-file and will there be any change in the process

asked Aug 08 '12 at 11:38 by Promod 15710

You need to file a revised return with updated figures. Process remains nearly same (same form would be used) and new ITR-V would need to be sent again. You should not wait for IT Dept intimation. Do it as early as possible to avoid incorrect assessment.

Read more details here: How to file revised Income Tax Return

answered Aug 08 '12 at 11:50 by Pankaj Batra 5.2k320

I still doubt on this, as bank gave two form 16A and mixed up income and tax deduction of a FD. As per Foprm 16 A issued to me, my ITR is correct but when i compare to Form 26AS i find a difference of Approx Rs 1000 being shown extra by my side and not in form 26AS. Not sure if bank has deposited a consolidated tax or something but I am unable to reconciel Form 26AS with two Form 16A given by the bank. Is it not bank's responsibility to give FORM 16A as per detaisl they have sent to CBDT which reflects in Form 26AS? I assume I should be filing return as per FORM 16A issue to me and verification of both is not my responsibility.
(Aug 09 '12 at 12:04) Promod
Sometimes Form 26AS updation takes time and may appear later or may not even appear. Income may exceed as shown in Form-26AS but ideally TDS deposit declared in ITR and that in Form-26AS should match, else IT department may demand more taxes saying that TDS details in ITR does not match form 26AS. You should file return on basis of actuals and not entirely on basis of form 26AS.
(Aug 09 '12 at 12:14) Pankaj Batra
Since I have shown both tax and income as per Form 16A that were issued, I hope I am on safe side, form getting any notification as already bank hads deducted quite alot extra tax. So I am very sure on that no tax is pending from my side, but I am due for a refund instead. May be bank has mixed up detaisl by giving two form 16 A and deposited tax to IT in consolidated way. So in nutshell, I have shown extra income as well alongwith some extra tax. Can i leave it to bank and IT deptt to check for it as if they coem back to me I can shwo on what basis I filed return. I just want to avoid any notice and get faster refund. May be they dduct that 1000 rs from my refund, but im not too much worried for this much amount. So is it ok not to refile?
(Aug 09 '12 at 12:27) Promod
If you have income as per form-16A,that should be fine. If income tax department has doubts they would send intimation, which can reply back with copy of form-16A. It should not be case of worry. You can go ahead with re-filing if earlier return did not had correct information in it.
(Aug 09 '12 at 12:49) Pankaj Batra

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Asked: Aug 08 '12 at 11:38

Seen: 2,799 times

Last updated: Aug 09 '12 at 12:49