The Dhaka Times Desk Mistakes can happen to anyone. Only humans make mistakes. Whether intentionally or unintentionally, mistakes are bound to happen. What do you do if there is a mistake in the income tax return? Find out about that today.
Unintentional mistakes can happen in the annual income tax return or so called return. Calculating taxes is where most mistakes are made. But people of our country are already afraid and apprehensive about income tax, because they have no experience in this matter. If you make a mistake in the return, you may think there is no way. But the reality is, there is no reason to worry, there is a way. You can also correct return errors. Now let's see how you can correct return errors.
Section 82 BB (5) of the Income Tax Ordinance provides for provision of wrong correction returns. After fulfilling all the conditions, if a taxpayer finds that he has shown less income in the return, paid less tax or has paid less tax due to higher tax rebate, tax exemption or any other reason after filing the return in the public self-determination system within the prescribed period. Miscalculations can also happen. Then you can file a wrong correction return as per 82 bb (5) of Income Tax Ordinance. This return is to be submitted to the Deputy Commissioner of Taxes concerned. The word 'filed' in section 82 BB (5) must be mentioned on the return.
However, two conditions have to be fulfilled for filing such incorrect correction returns. First, what kind of mistake has happened and what is the reason for it. For example, suppose someone's actual tax is Tk 10,000. But this year due to change in tax free life limit and tax rate, you may have paid 8 thousand rupees. In that case, the reason for accounting error should be mentioned. Second, the amount of tax you have underpaid, plus additional interest at the rate of 2 percent per month on that amount. This amount must be paid before or at the time of filing the incorrect correction return. For example, if you pay less tax by 2,000 rupees, the interest rate will be 2 percent on that 2,000 rupees.
After you submit the wrong correction return, if the Deputy Commissioner of Taxes is satisfied that all the conditions are fulfilled, he will accept the return. Also give a receipt. The acknowledgment of receipt must bear the words 'Deposit accepted under Section 82 BB(5)'.
However, you need to remember that incorrect correction return cannot be submitted after 180 days or 6 months from filing of return or if your return is selected for audit. If a taxpayer submits a wrong amended return without knowing this information, it will never be accepted by the concerned tax circle. So everyone should take care of this matter in case of mistake. That is, if there is a mistake, 180 days or 6 months of return submission should not pass under any circumstances. Before that you need to correct the mistake.
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