Itr ay17-18 filed on 6-7-17 and today discovered error

Dear Sir,

I filed my ITR on 6-7-2017, I also filed ITRs for my two children on 7-7-2017. Today I received SMS for refund of both my children, however I did not receive. I verified as I am not supposed to receive any refund. It appears there was a gross mistake on my part while filing the ITR. My total income was 2.37 lacs from pension and interest from other sources was 6.5 lacs which works out to 84000 tax (approx). I paid after adjusting TDS balance 20000 through challan on 2.7.2017. The acknowledgement shows a refund of 84000 which is incorrect. apparently I missed out other income while filling the ITR although tax paid was correct. Kindly advise me what action to be taken. Can I revise the ITR 

Thanks

GR Babu

Replies (8)

You can file revised return since original return is filed before due date.

Yes. Revised your return at the earliest before it get processed
Once the return get processed you have to rectify the return

OK Sirs Thanks for your prompt response, I will do today itself.

GRBabu

First fill the return. Then calculate tax after taking all Tax credits including self assesment Tax.

If there is shoftfall . Pay online a little more .  Refunds below Rs 100 are not given.

Please note

1) Refunds below rs 100 are not given at all

2) Int on Refunds will be given if the amt of refund is above 10% of the total tax .

3) if s.no 2 is true then you will be paid interest from date of filing revised return to the date of assesment

4) Even if you had filed  return u/s 139(5)  before due date  and s.no 2 is true then also you will be paid int on refunds from date of filing  return. Because int on refunds from 1st April is only applicable for returns filed under section 139(1) only.  

You can revise your return.

Thanks for the help extended based on which I have already submitted revised return u/s 139(5) and a refund calculated Rs.1920/- and I am glad that I could realise the mistake before it got processed. Thanks again for your valuable and timely advice.

GR Babu 

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