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Rectification of Mistakes - Assessment procedure, Income Tax Laws Video Lecture | Income Tax Laws - B Com

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FAQs on Rectification of Mistakes - Assessment procedure, Income Tax Laws Video Lecture - Income Tax Laws - B Com

1. What is the procedure for rectification of mistakes in income tax assessment?
Ans. The procedure for rectification of mistakes in income tax assessment is as follows: 1. The taxpayer needs to file an application for rectification of mistake under Section 154 of the Income Tax Act. 2. The application should be filed within 4 years from the end of the relevant assessment year. 3. The application should be submitted online through the income tax department's e-filing portal. 4. The taxpayer should mention the mistake that needs to be rectified and provide supporting documents, if any. 5. The income tax department will review the application and rectify the mistake if it is found to be valid. The taxpayer will be notified about the rectification.
2. Can any type of mistake be rectified under the income tax assessment procedure?
Ans. No, not all types of mistakes can be rectified under the income tax assessment procedure. Only the following types of mistakes can be rectified: 1. Clerical or typographical errors in the income tax return, such as an incorrect name, address, or PAN. 2. Mathematical errors in calculations, such as errors in total income, tax liability, or deductions. 3. Errors in the data entered in the income tax return, such as incorrect details of income or deductions. 4. Mistakes in the application of tax provisions, such as incorrect claim of tax exemptions or deductions. 5. Mistakes in the assessment order made by the income tax department.
3. What is the time limit for filing an application for rectification of mistakes in income tax assessment?
Ans. The time limit for filing an application for rectification of mistakes in income tax assessment is within 4 years from the end of the relevant assessment year. For example, if the assessment year is 2020-21, the taxpayer can file the application for rectification of mistakes until the end of the assessment year 2024-25.
4. Can a taxpayer rectify mistakes in income tax assessment for multiple assessment years through a single application?
Ans. No, a taxpayer cannot rectify mistakes in income tax assessment for multiple assessment years through a single application. Separate applications need to be filed for each assessment year in which the rectification is required. Each application should clearly mention the assessment year and the specific mistake that needs to be rectified.
5. Is there any fee or charge for filing an application for rectification of mistakes in income tax assessment?
Ans. No, there is no fee or charge for filing an application for rectification of mistakes in income tax assessment. The process of rectification is free of cost for taxpayers. However, it is important to ensure that the rectification application is filed within the specified time limit and contains accurate information and supporting documents to avoid any delays or complications.
27 videos|25 docs|12 tests
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