Big relief for Income Tax payers! CBDT makes new announcement

Know the difference between revised ITR and Belated ITR.

Big relief for Income Tax payers! CBDT makes new announcement

New Delhi: The Central Board of Direct Taxes (CBDT) on September 30 extended the deadline for filing belated and revised ITRs for Assessment Year 2019-20 from September 30, 2020, to November 30, 2020, due to difficulties faced by people in the wake of coronavirus COVID-19 pandemic.

"On further consideration of genuine difficulties being faced by taxpayers due to the Covid-19 situation, CBDT further extends the due date for furnishing of belated & revised ITRs for Assessment Yr 2019-20 from 30th September 2020 to 30th November 2020.Order u/s 119(2a) issued," CBDT tweeted.

CBDT had on July 29 extended the deadline for filing income tax returns for 2018-19 fiscal and revised ITRs from 31st July 2020 to 30th September 2020.

Know the difference between revised ITR and Belated ITR

What is the revised income tax return and Who needs to file?

Revised return can be filed online under Section 139(5) of the Income Tax Act. If a person after furnishing the Income Tax Return finds any mistake, omission, or any wrong statement then he/she is liable for a revised ITR filing. It can be a mistake in the name spelling, bank account number, etc.  The revised IT return should be filed within the prescribed time limit

What is a Belated return?

An income-tax return that is filed after the due date is called Belated Return. It is filed under section 139(4) of the income tax Act.

How to file a revised income tax return?

The process of filing belated returns is the same as that of filing regular ITR. You need to select the ITR form applicable to you and fill the form in the same manner as when you filed the return on time and choose the assessment year for which you are filing the belated return.

How to file a Belated return?

The process of filing a belated return is similar to that of filing a regular Income Tax Return. All you need to do is select the ITR form that applies to you. You can fill the form in the same manner as when you had filed the return on time. You will have to choose the assessment year for which you are filing the belated return.

Penalty on filing Belated return?

You will be charged an interest of one percent per month (simple interest) on the tax amount outstanding. This interest will be calculated from the due date applicable. For returns of FY 2017-18 and onwards, a penalty of Rs 5,000 will be charged for returns filed after the due date but before December 31. If returns are filed after December 31, a penalty of Rs 10,000 shall apply. However, the penalty will be Rs 1,000 for those with income up to Rs 5 Lakh.

-Source: Zee News