Between Corona, the government has once again made a big announcement regarding the date of filing income tax return. Let’s know all the things related to this …
The Income Tax Department, taking a big decision, has extended the last date for filing the Billited and Revised Income Tax Return. Now its last date has been 31 May 2021. Questions are arising in the minds of many people about this, for whom it is. Can the old income tax be filled? Let us tell you that the last date for filing income tax return for assessment year 2021-22 (FY 2020-21) is 31 July 2021.
First know about the order of the government
The Finance Ministry says that for the assessment year 2020-21 (FY 2019-20), the date of the return and revised return extended from two months to 31 May 2021 under sub-sections 4 and 5 of section 139 of the Income Tax Act 1961 being done. Earlier this deadline was ending on 31 March 2021. In simple words, the revised return is called that, when there is a mistake while filing income tax return, then the revised return is filled.
If a tax payer does not file the return by the due date of July 31, he has the option to fill in the bilateral ITR. But then the tax payers have to pay a fine. This fine ranges from 5000 to 10000.
Has the government taken any other decision?
Under Chapter XX, the last date of return filing in the Appeal to Commissioner case was till April 1, 2021, which has been extended to May 31. The last date for filing the return for the Dispute Resolution Panel under section 144C was till April 1, which has been extended to May 31.
In case of notices received under section 148, the deadline for return filing has also been extended till 31 May. Income tax returns for the financial year 2020-21 have to be filed by 31 July. By this date, you will not have to pay any extra charge if you file income tax.
What is the last date now
For the financial year 2019-20, the last date for filing the Billited or Revised Income Tax Return (ITR) has been increased to 31 May. This decision has been taken due to the spread of corona infection.
Who files billeted and revised income tax returns and why?
A filtered return is filed after the deadline for filing the Income Tax Return (ITR) for a financial year is over. For this, the taxpayer has to pay a penalty.
An amended or revised ITR files a taxpayer if it makes a mistake while filing the original tax return. For example, mistakes such as forgetting the claim of deduction, non-reporting of income or bank account etc. are included. Then it is filled.
The bilated ITR is filed under section 139 (4) of the Income Tax Act, 1961. At the same time, the revised ITR is filed under section 139 (5).
What if I did not file an income tax return even after May 31?
Who and why to file a bilateral and revised income tax return can be jailed for three months to two years. If the arrears of income tax is more than Rs 25 lakh, then there can be a jail term of up to 7 years.
