BackToday is the last date for filing belated or revised ITR for the FY20
The government had extended the last date for filing belated or revised ITR for FY21 from 31 March 2021 to 31 May 2021 as many taxpayers requested an extension
PremiumNEW DELHI: Today is the last day for filing a revised return or belated income tax return (ITR) for FY2019-20. Belated return is the return filed after the due date whereas for making any changes in the original return, you can file a revised ITR.
The government had extended the last date for filing belated returns for FY21 to 31 May from 31 March as many taxpayers requested an extension of the deadline amid the covid-19 pandemic. The deadline was also extended to help taxpayers who had received notices from the tax department regarding the mismatch between the income disclosed in their ITR and the data collected with the income tax department from various sources.
“In the month of March, the income-tax department has reached out to certain taxpayers who have either not filed income-tax returns (ITR) or failed to accurately report high-value transactions in their returns. If the taxpayers wished to disclose the data which they missed, they can do that by revising the ITR for Financial Year 2019-20 by 31st May 2021," said Tarun Kumar, a Delhi-based chartered accountant.
So, if you have to file a revised, belated return or original return for FY20, you can do it today. For filing a belated return, you will have to pay a penalty of ₹10,000. Filing ITR is important to be eligible to claim a refund.
“An assessee may be charged with interest, penalties, and fines. Prosecution can also be launched if a person fails to furnish the ITR. Further, if any income-tax refund is due to the assessee, it can be claimed by the filing of ITR only. Thus, if the assessee fails to file the return of income, no income-tax refund shall be granted to him. The assessing officer can also proceed against him by way of best judgement assessment," said Kumar.
(Do you have personal finance queries? Send them to mintmoney@livemint.com and get them answered by industry experts)
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