Filed wrong itr form last 3 years, how to correct

Hello CAclub members, I have filed my AY16-17 tax return on 11th July 2016 using ITR-1 form ( had salary and interest income from FD only) and got it accepted by IT dept . But  I had foreign bank account in USA which I created while I was working in US until 2012 and I still maintain that account.

In fact I have been filing ITR-1 for last 3 years and didn't provide the US bank a/c details since ITR-1 doesn't ask for it. 

Whether I should have filed ITR-2 instead of ITR-1?. how to submit a corrected form if I have to submit ITR-2 and whether there will be any penalties for not disclosing my bank a/c in USA now and for previous years( 2013 to 2015) ? ,

Thanks and Regards

 

Replies (2)

ITR1 was never for assesses who has a foreign account or asset. You can only reise/rectift this and last years return, older years no option, yes if you get a notice, you may have to explain.

Thanks you very much Mr. Udgam Koomar  for your reply.

You mentioned I can revise and rectiry for this year  and last year,  that is for FY 2015-16 and 2014-15, is that correct ?

I guess for FY 2013-14, I will fall in RNOR category and need not ahve to submit the foreign asset details, since I was present in India for the previous 7 years  for less than 729 days.

So if I can rectify for 2015-16 and 2014-15, I hope I should be fine.

I downloaded ITR-2 form and working on it, hopefully I have to create an XML and send it as attachment. I found this can be done for 2015-16 in incometax filing site, but not sure for 2014-15 year., is it the same process ?

Thanks again..

 

 

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