Income Tax Return: The last date for submitting bilated or revised income tax returns has been extended for the financial year 2019-20. Now people will be able to deposit this by 31 May. Senior Chartered Accountant Rajesh Khaitan said that it has been decided to give relief to taxpayers due to the growing case of corona infection.
However, the date of filing income tax returns for the financial year 2020-21 has not changed. For those without audit, it has to be filed by 31 July only. He said that for the assessment year 2020-21 (FY 2019-20), the date of submission of bilated returns and revised returns has been extended by two months to 31 May under sub-sections four and five of section 139 of the Income Tax Act 1961. .
The Finance Ministry says that for the assessment year 2020-21 (FY 2019-20), the date of belated return and revised return has been increased 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.
According to the media report, who did not file ITR till 31 May, he could also be sentenced to jail. The jail term can be from three months to two years. But if the arrears of income tax is more than Rs 25 lakh, then the jail term can be up to seven years.
At a glance:
- The last date of return filing in the Appeal to Commissioner case under Chapter XX was till April 1, which has been extended to May 31.
- The last date for filing returns for the Dispute Resolution Panel under section 144C was till April 1, which has been extended to 31 May.
- In the case of notice received under section 148, the last date of return filing has also been extended till 31 May.
