How can one rectify the mistake committed in filing the return u/s 154?
Ans: If any order passed by an income tax authority suffers from a mistake apparent from record, the assessee may make an application for rectifying the same before the expiry of 4 years from the end of the financial year in which the above order was passed. The Finance Act 2001 has provided that where an application for rectification under this section is made by the assessee on or after 01.06.2001, the same shall have to be acted upon by the income tax authority within a period of 6 months from the end of the month in which the application is received.
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