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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...

  People usually end up making mistakes while filing their income tax returns (ITR). However, there is no need to worry as the tax department has made few provisions to allow taxpayers to rectify any mistakes or errors made during filing ITR. Errors while filing an ITR are best avoided however people often end up committing unintentional errors during the filing process. Most errors occur when individuals try filing a tax return in a rush, just before the deadline. This is the major reason why tax specialists usually recommend people file their returns well in advance. However, what if you realize you have made an error after you have filed your income tax? You may be worried that you made an error, however, there is nothing to worry about it. The tax department has dealt with this type of situation earlier and has solutions for you. There is a provision that allows taxpayers to correct any errors made while filing ITR. There are a few steps that you can follow. According to Indian...