What to do, if I made a mistake on my Income Tax Return. Can revision is an Option?
You filled your income tax return early. Hooray! But then you got another income statement that you had forgotten about. Or you went back and realized that you made a mistake on your tax return. Yes, Income Tax Return Revision is an effective option. We explain here how.
Our aim is not to you paranoid, but usually, individuals suffer from lots of mistakes.
Amending Your Income Tax Return & How It Works
For almost any kind of error, know that it is fixable. You can file a revised return there are two possibilities:
- You need to apply for revision and must request a commissioner to allow you a correction, describe the reason for revision along with documentary evidence of errors (if any)
- Second, if your correction leads to higher income, there is no need to write a revision application to the commissioner. Simply revise your tax return.
You can still go back three years to claim an additional refund if you missed a credit or deduction, even to correct errors.
This application form is available online in the FBR portal and relatively easy to operate, or of course, you can take the help of Tax Professionals of KLA Pakistan.
Once your application is approved, then you can access your tax return and do the corrections.
While it’s not ideal for making a mistake or having oversight on your taxes, but in case you did so, there is nothing to worry about!
KLA Pakistan provides expert, accurate tax consultant services for salaried businesses of all sizes. We at KLA Pakistan help you with all of your tax and finance-related issues. Get in touch today — Complex Issues, Specialist Advice!
FOR ALL OF YOUR TAX & FINANCE REQUIREMENTS, CONSULT OUR PROFESSIONALS.
You might find these further articles useful:
Why you should Audit your Financial Statement
Advantages of Company Registration in Pakistan
How To Get Biggest Refund Possible
Show Us Your Love, Join Us At:
