All you need to know about Online rectification of ITR in Jaipur

Income Tax Return (ITR) filing is a crucial process that every taxpayer needs to undertake every year. Filing the ITR accurately and within the due date is imperative to avoid penalties and legal consequences. However, mistakes can happen while filing the ITR, which can lead to errors in the tax calculation or incorrect disclosure of income. In such cases, Online rectification of ITR in Jaipur is the best solution. Here’s a step-by-step guide on how to rectify ITR filing online in Jaipur.

Quick Look

In India, filing Income Tax Returns (ITR) is mandatory for individuals and entities earning above a certain threshold. The ITR filing process can be done both online and offline. However, sometimes errors may occur during the filing process, leading to incorrect information being provided. This can be rectified through the process of online rectification, which can be done from the comfort of one’s home or office. Let us first move on to discuss about Income Tax Return in brief, before we shall move on to discuss about the Online rectification of ITR in Jaipur.

Meaning of Income Tax Return

Income tax return is a document that shows the total income earned by an individual or a business entity in a financial year, the deductions claimed, and the tax paid on the income. It is filed with the Income Tax Department of India by the taxpayers to report their income and tax liability for the year.

Types of Income Tax Returns

There are several types of income tax returns, and the taxpayer must file the appropriate type of ITR based on their income and other criteria. The most common types of ITR are:

• ITR 1: This form is for individuals who earn income from salary, pension, or interest.
• ITR 2: This form is for individuals and Hindu Undivided Families (HUFs) who have income from sources other than salary, pension, or interest.
• ITR 3: This form is for individuals and HUFs who have income from business or profession.
• ITR 4: This form is for individuals, HUFs, and firms who have opted for the presumptive taxation scheme.
• ITR 5: This form is for partnerships, LLPs, and associations of persons (AOPs).
• ITR 6: This form is for companies other than those claiming exemption under Section 11 of the Income Tax Act.
• ITR 7: This form is for persons including companies who are required to furnish return under Section 139(4A), Section 139(4B), Section 139(4C), or Section 139(4D) of the Income Tax Act, 1961.

Benefits of filing Income Tax Return

There are several benefits of filing income tax return, which are listed below:

• Compliance with the Law: Filing income tax return is mandatory under the Income Tax Act, 1961. Non-filing of ITR can attract penalties and prosecution by the Income Tax Department.
• Easy Access to Credit: Filing ITR can help individuals and businesses in accessing credit from banks and other financial institutions. It serves as a proof of income and tax paid, which is required for loan and credit card applications.
• Claiming Refunds: Filing ITR can help individuals and businesses in claiming refunds of excess tax paid in the previous financial year. Refunds are processed by the Income Tax Department after verifying the ITR.
• Carry Forward of Losses: Filing ITR is necessary to carry forward losses incurred in a financial year to the subsequent years. These losses can be set off against future income and reduce the tax liability.

Documents required for filing Income Tax Return

The following documents are required for filing income tax return:

• Form 16: Form 16 is a certificate issued by the employer that shows the total salary earned by an employee during the financial year, tax deducted at source (TDS), and other deductions claimed.
• Bank Statements: Bank statements for the financial year are required to show the interest earned on savings and fixed deposits, and other income from investments.
• Investment Documents: Investment documents such as mutual fund statements, stock trading statements, and property purchase agreements are required to show the capital gains earned during the financial year.
• Aadhaar Card: Aadhaar card is mandatory for filing income tax return. It serves as a proof of identity and address.
• Form 26AS: Form 26AS is a statement that shows the TDS deducted by the employer, bank, and other entities during the financial year. It also shows the tax paid by the taxpayer.

Procedure for filing of Income Tax Return

The procedure for filing an income tax return in India is as follows:

• Step 1: Gather all the Necessary Documents: To file an income tax return, the taxpayer must have certain documents such as Form 16, Form 26AS, bank statements, and investment proofs. These documents will help the taxpayer in calculating their income and tax liability.

• Step 2: Choose the Appropriate Form: Based on the type of income and other criteria, the taxpayer must select the appropriate type of income tax return form.

• Step 3: Calculate the Total Income and Tax Liability: Using the documents gathered in step 1, the taxpayer must calculate their total income and tax liability for the financial year.

• Step 4: Fill in the Income Tax Return Form: The taxpayer must then fill in the income tax return form, providing accurate information about their income, expenses, and tax liability.

• Step 5: Verify the Income Tax Return: After filling in the income tax return form, the taxpayer must verify it using one of the available methods such as digital signature or electronic verification code (EVC).

• Step 6: Submit the Income Tax Return: Finally, the taxpayer must submit the income tax return form online through the Income Tax Department’s website or by physically submitting the form at the nearest tax office.

You can rely on Legal Window to give you all the services and legal counsel you need to file your Income Tax Returns and to help you with other compliances. For help filing your Income Tax Return, contact our staff at 072407-51000 or [email protected].

Online rectification of ITR in Jaipur

In Jaipur, taxpayers can avail of the online rectification of ITR service through the Income Tax e-filing portal. The portal is user-friendly and easy to navigate, making it simple for taxpayers to rectify any errors in their ITR. Moreover, taxpayers can also seek assistance from the Income Tax Department by calling the toll-free number or visiting the local Income Tax office.

Filing Income Tax Returns (ITR) is a crucial financial obligation that every taxpayer must fulfill. However, it’s not uncommon for people to make errors while filing their ITR, which can lead to discrepancies in their tax calculations. In such cases, rectification of the ITR becomes necessary. In the past, the process of ITR rectification was a tedious and time-consuming process. However, with the advancement of technology, the process has become much simpler, and taxpayers can now rectify their ITR online.

Benefits of Online Rectification of ITR

The online rectification of ITR has several benefits, some of which are:

• Saves Time and Effort: The online process of ITR rectification saves time and effort as the taxpayer does not have to visit the Income Tax office.
• Quick Processing: Online rectification is processed much quicker than the offline process.
• Convenience: The online process can be done from anywhere and at any time, making it convenient for the taxpayer.
• Accuracy: The online process ensures accuracy as the system validates the changes made in the ITR form.

How To Rectify ITR Filing Online in Jaipur?

The following is the step to rectify ITR Filing Online in Jaipur:

• Step 1: Visit the Income Tax E-Filing Portal: To rectify your ITR filing online, the first step is to visit the official Income Tax e-filing portal at www.incometaxindiaefiling.gov.in. Once you are on the portal’s homepage, log in using your User ID (PAN) and Password.

• Step 2: Select the relevant Assessment Year and ITR Form: After logging in, select the relevant assessment year for which you want to rectify your ITR filing. Next, select the ITR form that you had originally used to file your ITR. It is important to ensure that you select the correct assessment year and ITR form, as rectification can only be done for the same assessment year and ITR form.

• Step 3: Click on “Rectification” under the “E-File” Tab: Once you have selected the relevant assessment year and ITR form, click on the “E-File” tab on the portal’s homepage. From the drop-down menu, select “Rectification”. This will take you to the “Rectification Request” page.

• Step 4: Choose the Rectification Type: On the “Rectification Request” page, you will be asked to select the type of rectification you want to make. There are two types of rectifications – “Rectification u/s 154” and “Rectification u/s 139(5)”. If the mistake in your ITR filing is due to a computational error or a mistake in the details provided, select “Rectification u/s 154”. If the mistake is due to any other reason, such as non-disclosure of income or incorrect claim, select “Rectification u/s 139(5)”.

• Step 5: Enter the Necessary Details and submit the Rectification Request: After selecting the type of rectification, enter the necessary details, such as the reason for rectification, the section under which the rectification is being filed, and the details of the mistake in the original ITR filing. Once you have entered all the details, submit the rectification request.

• Step 6: Keep track of the status of your Rectification Request: After submitting the rectification request, you can track its status on the Income Tax e-filing portal. Once your request is processed, you will receive a notification on the portal. You can then download the rectified ITR form and file it again if necessary.

Important points of considerations regarding Online rectification of ITR in Jaipur

Online rectification of Income Tax Return (ITR) is an important process that allows taxpayers to make corrections to their tax returns filed earlier. This process can be completed through the official website of the Income Tax Department. If you are a taxpayer in Jaipur, it is important to keep certain considerations in mind before you opt for online rectification of ITR. These points are:

• Deadline for Online Rectification: Taxpayers should note that online rectification of ITR can be done within 4 years from the end of the relevant assessment year. For instance, if the ITR was filed for the financial year 2019-20, then online rectification can be done until March 31, 2024.

• Correctness of Information: Taxpayers should ensure that the information provided during online rectification of ITR is correct and accurate. Any incorrect information can lead to penalties and legal consequences.

• Necessary Documents: Taxpayers should keep all the necessary documents such as Form 16, Form 26AS, bank statements, and tax payment challans ready before starting the online rectification process. These documents will be required to make corrections in the ITR.

• Digital Signature: If taxpayers have a digital signature, they can use it to sign the rectified ITR online. If not, they can opt for the Electronic Verification Code (EVC) or send a signed copy of the ITR-V to the Centralized Processing Center (CPC) in Bangalore.

• Online Process: The online rectification process can be completed through the official website of the Income Tax Department. Taxpayers should ensure that they use a secure internet connection and follow the instructions carefully to avoid any errors.

Takeaway

The online rectification of ITR has made the process much simpler, quicker, and convenient for taxpayers. In Jaipur, taxpayers can avail of this service through the Income Tax e-filing portal, and with the help of the Income Tax Department, they can rectify any errors in their ITR with ease. It’s important for taxpayers to ensure that they file their ITR correctly to avoid any legal complications in the future.