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Querist : Anonymous

Querist : Anonymous (Querist)

25 September 2013 If ITR-1 is filed whithin due date and refund cheque has been received but there is mistake in my bank Account no.What is the procedure to correct the same and what is the time limit to process the same?

CA Pallav Singhania

CA Pallav Singhania (Expert)

25 September 2013 It is possible to make revision in filed Income Tax returns if you realize there were errors. This is absolutely legal and is allowed under section 139 (5) of the Income Tax Act.

You can revise your income tax return any time until completion of 1 year from the end of relevant assessment yearor before your assessment is done by the tax department, whichever is earlier. For instance if you file ITR in June 2013 for the financial year 2012-13 you can file revised return before 31 March 2015. Although there is no restriction on the number of times you can revise your I-T returns, you would definitely not want to keep doing it again and again.

CA Pallav Singhania

CA Pallav Singhania (Expert)

25 September 2013 The process of filing a Revised Return is the same as filing an Original Return. The only difference is that in the Excel utility (Return Preparing Software), you need to select the ‘Revised’ return option and provide the Original e-Filing Acknowledgement number and Date of filing the Original return. Further, the assessee is required to select the section of return filing as u/s 139(5).

First you have to fill excel utility with all data. If you have already saved the previous excel file then just make the correction in the file where ever required. Select revised return as suggested above.

Generate the XML and upload it the efiling site again. Download the ITR-V and send to CPC in 120 days from date of upload.

Ajay Mishra

Ajay Mishra (Expert)

25 September 2013 Hi

In case of any mistakes on the refund cheque delivered to you, the following should be done:

i) Send the original refund cheque to CMP, State Bank of India at SBIFAST 31, Mahal Industrial Estate, Off Mahakali Caves Road, Andheri East, Mumbai - 400 093, Phone Number: 18004259760, along with a letter informing the mistakes on the refund cheque.
ii) Send a copy of the letter along with a copy of the refund cheque to your Assessing Officer.
iii) Retain a copy of the letter and refund cheque with you.

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