The article talked about the revision of tax returns, the timeline to file a revised return and things to remember when you file.
A lot of tax experts provided their comments on the topic and Vaibhav Sankla, Managing Director, H&R Block was also one of them.
Vaibhav’s comment in the article covered the following,
He suggested that even if you can file a revised return multiple times, you should not use this facility too many times since it may result in a scrutiny of your returns. This may happen, especially, when high amounts of refunds are involved. A revised return can be filed only when you have made unintentional mistake in your tax return. Moreover, he warned against the practice of filing revised returns due to a deliberate mistake on your part, which may lead to an imprisonment under section 277. This may also attract a penalty of 100 to 300 percent of tax due.
He also commented on the penalties that you might need to pay if you have taxes due on your account.
Apart from this the article also discussed the various other things like ‘how to file a revised return’, ‘verification of returns’ and certain small things that need to be taken care of when you file revised returns.
Verifying your returns
The IT department provides several methods to verify your returns including netbanking or Aadhaar OTP. You can also send the physical ITR-V to CPC, Bangalore.
Source : Economic Times