Today is the final date for submitting belated or revised ITR for the FY20

NEW DELHI: Today is the final day for submitting a revised return or belated revenue tax return (ITR) for FY2019-20. Belated return is the return filed after the due date whereas for making any adjustments within the unique return, you may file a revised ITR.

The authorities had prolonged the final date for submitting 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 additionally prolonged to assist taxpayers who had obtained notices from the tax division concerning the mismatch between the revenue disclosed of their ITR and the information collected with the revenue tax division from numerous sources.

“In the month of March, the income-tax division has reached out to sure taxpayers who’ve both not filed income-tax returns (ITR) or didn’t precisely report high-value transactions of their returns. If the taxpayers wished to reveal the information which they missed, they’ll try this by revising the ITR for Financial Year 2019-20 by thirty first May 2021,” mentioned Tarun Kumar, a Delhi-based chartered accountant.

So, if it’s a must to file a revised, belated return or unique return for FY20, you are able to do it at this time. For submitting a belated return, you’ll have to pay a penalty of ₹10,000. Filing ITR is vital to be eligible to assert a refund.

“An assessee could also be charged with curiosity, penalties, and fines. Prosecution may also be launched if an individual fails to furnish the ITR. Further, if any income-tax refund is as a result of assessee, it may be claimed by the submitting of ITR solely. Thus, if the assessee fails to file the return of revenue, no income-tax refund shall be granted to him. The assessing officer can even proceed in opposition to him by means of finest judgement evaluation,” mentioned Kumar.

(Do you’ve got private finance queries? Send them to mintmoney@livemint.com and get them answered by business specialists)

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