Time limit for filing belated and revised return reduced to three months – Budget 2021-22
Sub-sections (4) and (5) of section 139 of the Act contain provisions relating to the filing of belated and revised returns of income respectively.
At present the belated or revised returns could be filed before the end of the assessment year or before the completion of the assessment whichever is earlier.
In view of the technological upgrade in the Income Tax Department and moving towards becoming faceless and jurisdiction-less, the time taken to conduct and complete such processes creates hindrances.
Therefore, the Budget 2021-22 has proposed that the last date for filing of belated or revised returns of income, as the case may be, be reduced by three months. Thus the belated return or revised return could now be filed three months before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
These amendments will take effect from 1st April, 2021 and will accordingly apply to the assessment year 2021-22 and subsequent assessment years
- Interest on compensation u/s 28 of Land Acquisition Act, 1894 is taxable – ITAT
- GST Registration cancellation order passed without application of mind quashed
- NSDL latest e-TDS TCS RPU Version 5.1 and FVU 8.6 applicable from 19.04.2024 – Download
- Site expenses not accounted in books in expense ledger added as unexplained expenditure
- Special Court presided by a Sessions /Addl. Sessions Judge have jurisdiction under IBC 2016
