Finally the due dates for filing original Income tax return is over for most category of people except for those whose accounts were audited or who are partner of firm whose accounts are audited.
Hence, now Income tax department has activated the option to rectify the Income tax return for AY 2020-21 u/s 154 since majority of the people have already filed their return of income.
Sub-section 1 of section 154 states as under:
“With a view to rectifying any mistake apparent from the record an income- tax authority referred to in section 116 may,—
(a) amend any order passed by it under the provisions of this Act ;
(b) amend any intimation or deemed intimation under sub-section (1) of section 143;
(c) amend any intimation under sub-section (1) of section 200A;
(d) amend any intimation under sub-section (1) of section 206CB.“
Thus, one can use this option only when 2 conditions are satisfied:
1. There is a mistake apparent on record and
2. Intimation has been issued u/s 143(1) of the Income tax act.
Now, there is a time limit for filing rectification request under this section which is mentioned under sub section 7 of section 154 as under:
“Save as otherwise provided in section 155 or sub-section (4) of section 186 no amendment under this section shall be made after the expiry of four years from the end of the financial year in which the order sought to be amended was passed.”
Thus, the time limit to rectify any order is just 4 years from the end of the financial year in which the order was passed.
Hence, if your return has been processed and if there is any discrepancy in intimation u/s 143(1), till March 2021 you can either revise the return u/s 139(5) or file rectification request. But after March 2021 you can only file rectification application till 4 years for any discrepancy.
There are various methods available online in which you can file rectification request and yes any request for rectification of income tax return needs to be filed online unless rectification rights have been transferred to assessing officer.
For getting intimation u/s 143(1) you need to check your registered e-mail or e-filing profile.
If you need any assistance with the rectification application or any other assistance you can book consultation with experts at: https://www.taxontips.com/tax-notice-personal-consultation/
