Filing of correction ITR for the past two years.
Filing income tax returns is of utmost importance as you can avoid added interest, and penalties, and most importantly safeguard credit if you need it in the future (in this case loans) and owing to any foreign assets if any. Accounting and tax compliance companies always recommend that you need to be vigilant in filing the tax years every year as a responsible taxpayer. However, during filing our income tax returns, one can unknowingly make errors that can include mentioning the wrong account number, spelling mistakes of name, errors in declaring interest income and claiming the wrong deduction. It can also happen due to some unforeseen emergency in your house that you have forgotten to pay the taxes. However, there is no reason to worry as now there is a provision to correct your income tax return if you have made an error in it. The good news is that the current income tax laws by the Indian government allow you to correct the returns if you have made any mistake. Under sec...