Error in reporting the percentage share of co-owners in house property

[Sachendra Sinha]

While filing IT return for FY 2018-19 (AY 2019-20), I reported the percentage share of co-owners in a house incorrectly. Since the revised return can only be filed upto the end of AY, which is already over, how can I correct this mistake?

[DR.MARIAPPAN GOVINDARAJAN]

A revised income tax return can be filled at any time before the expiry of the relevant assessment year or before completion of the assessment, whichever is earlier

[Sachendra Sinha]

I have already mentioned that since the AY 19-20 is already over, there is no option of filing a revised return.

[DR.MARIAPPAN GOVINDARAJAN]

Yes it may be filed up to 31.07.2020. You may consult a Chartered Accountant in this regard.

[DR.MARIAPPAN GOVINDARAJAN]

Due date for ITRs for AY 2019 - 20 is extended to 30.09.2020.

AI Summary

Revised return filing can correct co-owner share errors within the assessment year before assessment completion. A taxpayer may file a revised income tax return to correct the percentage share of co-owners in house property up to the expiry of the relevant assessment year or until completion of assessment proceedings, whichever is earlier; respondents also noted specific extended filing dates that determine the available window for submitting the revision.