The deadline for filing your income tax return (ITR) is July 31. Failure to meet this deadline could result in penalties ranging from a ₹5,000 fine to a maximum of two years’ imprisonment if the tax evasion amount exceeds ₹25 lakh.
When filing your ITR, it’s essential to be cautious and submit all necessary proofs to claim deductions and exemptions. Non-compliance with the norms may lead to your filing being deemed a defective ITR.
A defective income tax return refers to an ITR that the Income Tax Department considers incomplete or incorrect. This means the ITR fails to meet the necessary requirements or contains errors that need rectification for the filing to be considered valid.
For instance, let’s take the case of Mr. Rahul, a salaried individual who filed his ITR for the assessment year (AY) 2022-2023. Unfortunately, he forgot to include the interest income from one of his bank accounts, amounting to Rs. 20,000. As a result, Mr. Rahul’s ITR is considered defective since it is incomplete and fails to disclose all of his income sources, as explained by Amit Gupta, managing director at SAG Infotech.
In the event that the Income Tax Department detects any discrepancies or missing information in the income tax return, they will issue an intimation notice to the taxpayer. This notice will outline the defects found and offer an opportunity to rectify them.
To address the issues mentioned in the notice from the Income Tax Department, taxpayers must make the necessary corrections within the specified timeframe.
Taxpayers have the option to correct their defective ITR online through the Income Tax e-filing portal. They can log in, navigate to the “My Account” tab, select “Rectification,” and make the required changes.
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