The due date to file your income tax return (ITR) for financial year (FY) 2015-16 has been extended to 5 August 2016, from 31 July. Revise the return: After filing your tax return, if you discover any mistakes, you can correct them by filing a revised return, under section 139(5) of the Income-tax Act, 1961. But a revised return can only be filed if the original return was filed before the due date, which is 5 August this year. It is prudent to reply to such notices from the tax department as early as possible. Such communication show you two things: a column showing the return filed by you, and another that shows the return compiled by the tax department.

Source: Mint August 01, 2016 13:07 UTC