IT RETURN WITH NAME MISTAKE

When you fix the name while registering the taxpayer, then how is this possible? Even if you filled in the updated return, you were downloading the json file & at that time the name & the pan no. & all other details were already prefilled.  

If the PAN number mentioned in the income tax return and the acknowledgement is correct, then it should not cause any major issue while processing the home loan application. The bank or financial institution may verify the PAN details and match them with their records to ensure that the loan applicant has filed their income tax returns and has no outstanding tax liabilities.

However, in case there is any discrepancy in the name mentioned in the income tax return and the name mentioned on the loan application or any other document, the bank or financial institution may ask for clarification and proof of identity to ensure that the loan applicant is the same person as mentioned in the income tax return. It is advisable to inform the bank or financial institution of the mistake in the name mentioned in the income tax return and provide them with the correct details along with supporting documents to avoid any delays or rejections in the loan application process.

In case you wish to rectify the name mistake in the income tax return, you can file a rectification request under Section 154 of the Income Tax Act, 1961 within four years from the end of the relevant assessment year. However, rectification requests can only be filed for mistakes apparent from the record and the mistake in name may not be considered as an apparent mistake. It is advisable to consult a qualified chartered accountant or tax expert for further guidance in this matter. To know more about ITR. 

To read more about How To Update Errors in Your PAN Card
For more detailed information, visit Swipe Blogs, 
Swipe Website Link: Swipe