Every individual in the country must file their income tax returns (ITR) after each financial year. The deadline for filing ITR for Financial Year 2022–23 (FY 2023–24) is July 31, 2023, for individuals who do not require a tax audit. Making a wrong entry or mistake in mentioning the bank account number can result in no refund.
However, the good news is that the tax department allows for the correction/modification of bank and personal details after filing the tax returns, which means these mistakes can be rectified. Essentially, after selecting the option for refund or re-issue, a taxpayer needs to provide the correct bank account.
Here are the steps to correct this error:
- To begin, visit www.incometax.gov.in. There, go to the ‘My Account’ tab. Next, select “Service Request.”
- From there, go to the ‘Request Type’. Select ‘New Request’ and choose ‘Rectification’ under ‘Request Category’.
- Enter the assessment year for ‘Return Data’. Then, select ‘Intimation u/s 143(1) for Return Data’ under ‘Order/Intimation’ to be amended’.
- Select the option ‘Taxpayer is correcting data’ under ‘Rectification Request Type’, and then choose ‘Bank Account Details’ to address the error.
- Update your bank account details and click on ‘Submit’.
The time has come to file income tax returns. The Department of income tax has made ITR-1, ITR-2, and ITR-4, among others, available online with pre-filled data. Similarly, salaried employees will soon receive their Form 16, an additional essential document required for filing returns. However, July 31 is the deadline to file personal income tax returns for the assessment year 2023–24 (related to FY23), so the ideal time to begin the process is when you receive your Form 16.
Also Read | Income Tax Return: 10 ITR filing mistakes to avoid, check all details here
Also Read | ITR filing: How to file income tax return without Form 16? KNOW HERE
Latest Business News
Denial of responsibility! SamacharCentrl is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.