The government extended the last date for filing income tax returns

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    Between Corona, the government has as soon as once more made a giant announcement relating to the date of filing income tax return. Let’s know all the issues associated to this …

    The Income Tax Department, taking a giant resolution, 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 Questions are arising in the minds of many individuals about this, for whom it’s. Can the outdated income tax be crammed? Let us inform you that the last date for filing income tax return for evaluation yr 2021-22 (FY 2020-21) is 31 July 2021.

    First learn about the order of the government

    The Finance Ministry says that for the evaluation yr 2020-21 (FY 2019-20), the date of the return and revised return extended from two months to 31 May 2021 below sub-sections 4 and 5 of part 139 of the Income Tax Act 1961 being accomplished. Earlier this deadline was ending on 31 March 2021. In easy phrases, the revised return is known as that, when there’s a mistake whereas filing income tax return, then the revised return is crammed.

    If a tax payer doesn’t file the return by the due date of July 31, he has the choice to fill in the bilateral ITR. But then the tax payers must pay a tremendous. This tremendous ranges from 5000 to 10000.

    Has the government taken another resolution?

    Under Chapter XX, the last date of return filing in the Appeal to Commissioner case was until April 1, 2021, which has been extended to May 31. The last date for filing the return for the Dispute Resolution Panel below part 144C was until April 1, which has been extended to May 31.

    In case of notices obtained below part 148, the deadline for return filing has additionally been extended until 31 May. Income tax returns for the monetary yr 2020-21 must be filed by 31 July. By this date, you’ll not must pay any further cost should you file income tax.

    What is the last date now

    For the monetary yr 2019-20, the last date for filing the Billited or Revised Income Tax Return (ITR) has been elevated to 31 May. This resolution has been taken as a result of the unfold of corona an infection.

    Who recordsdata 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 monetary yr is over. For this, the taxpayer has to pay a penalty.

    An amended or revised ITR recordsdata a taxpayer if it makes a mistake whereas filing the authentic tax return. For instance, errors equivalent to forgetting the declare of deduction, non-reporting of income or checking account and many others. are included. Then it’s crammed.

    The bilated ITR is filed below part 139 (4) of the Income Tax Act, 1961. At the similar time, the revised ITR is filed below part 139 (5).

    What if I didn’t file an income tax return even after May 31?

    Who and why to file a bilateral and revised income tax return may be jailed for three months to 2 years. If the arrears of income tax is greater than Rs 25 lakh, then there is usually a jail time period of as much as 7 years.

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