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Rectification AY 20-21

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Bhargav

Business

114 Points Posted on 08 April 2021

Can we file rectification ITR to add interest income which is not included in original ITR.

No scope to file revised can we do rectification to the original ITR?

Original ITR is processed with no defects later got notice for High value transaction of interest 50k is not included.

please suggest

Replies (3)

Quick Summary

This discussion explores whether an AY 20-21 Income Tax Return (ITR) can be rectified to include previously omitted interest income. While rectification is possible for processed returns with mistakes, it's generally not allowed if it changes the declared income. In such cases, a revised return is typically required, potentially needing approval from the jurisdictional CIT for condonation of delay.

Ankit Neema

2742 Points Posted on 08 April 2021

A rectification request can be filed only for returns which are already processed in CPC, Bangalore. If on rectifying a ‘mistake’ there is a change in Income – a rectification should not be filed. In this case, a Revised Income Tax Return should be filed.