ITR filed and revised ITR

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This query is : Resolved

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A senior citizen filed their Income Tax Return (ITR) but later discovered additional interest income reported by banks in their AIS. Although this extra income, along with other discrepancies in their AIS, doesn't push their total income over the tax-free threshold (under the new regime), they are questioning whether filing a revised ITR is necessary. The consensus is that while tax liability isn't the sole factor, misreporting can be an issue, and it's generally advisable to revise the return for accuracy.

Ecstasyvio

Ecstasyvio (Querist)
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29 July 2024 I filed my ITR .But later some more interest on FD was reported by Banks in AIS. INR 11000/- is the difference increase. There is no tax on my filed ITR. after I file revised ITR also there will be no tax. As the income will fall below INR.7 lakhs as per new regime. I am a senior ciitizen.
So do I really need to file a revised ITR?
I find wrong figures (less) entered in my AIS for equity trading and dividend etc. even if I am honestly reporting correct figures in my ITR as I do not attract tax (below 7 lacs as per new regime).I am a senior citizen. Do I need to update AIS, which is very tedious to do for every trade ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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29 July 2024 File revised ITR with additional interest income.
If you have filed ITR with correct statement as per broker's Contract note. No need to worry for some wrong figures in AIS.

Ecstasyvio

Ecstasyvio (Querist)
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29 July 2024 Thanks. I made some mistake in FD interest. shown less by Rs.11000/-. But even if Rs.11000/ is added then too no tax eligible.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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29 July 2024 Tax liability is not the criteria, but misreporting is one. Better to revise it.

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