The Central Board of Direct Taxes (CBDT) has extended the deadline for filing Income Tax Returns for the assessment year 2020-21 due to the COVID-19 pandemic in India. “The filing of belated return under sub-section (4) and revised return under sub-section (5) of Section 139 of the Income Tax Act, for Assessment Year 2020-21, which was required to be filed on or before March 31, 2021, may be filed on or before May 31, 2021,” CBDT said in a statement.
1. What it means for taxpayers?
According to the new circular, those who have not yet filed their income tax returns for the fiscal year 2019-20 will have until May 31 to do so. Furthermore, taxpayers who need to make modifications to their income tax returns for FY20 will benefit from this postponement. If a person makes a mistake while filing an ITR, he or she will be able to correct it, according to the CBDT.
When it comes to filing our income tax forms, we take extra care. We do, however, make mistakes from time to time. Taxpayers can correct their mistakes by filing a revised income tax return under Section 139(5) of the Income Tax Act.
2. What is a revised income tax return?
If a taxpayer discovers an error or omission on the original income tax return (ITR), he or she can file a revised return to fix the error. It’s worth noting that while filing an amended return, an individual must include the information from the initial return.
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3. Who can file a revised Income Tax Return?
Every taxpayer who has submitted a tax return has the option of revising or correcting it. “Generally, a revised tax return filing is pursued on account of different reasons such as wrong information furnished in ITR or not furnishing some figures in the returns. It would therefore be important for the tax payer to maintain adequate documentation in support of the revisions carried out, just in case of a audit by the tax authorities at a later point in time,” “However, revision can be done only by those who have filed their original tax return within the due date,” he added”. Said by an Expert.
4. How to file a revised ITR?
Section 139(5) of the Income Tax Act requires a taxpayer to file a revised income tax return.
1) Log in to e-filing portal www.incometaxindiaefiling.gov.in.
2) Then, click on the e-File menu and click on Income Tax Return link
3) On Income Tax Return Page, the PAN will be auto-populated. Then, select ‘Assessment Year’ and ITR Form number. Filing Type will be ‘Original/Revised Return’.
4) Then select ‘Submission Mode’ as ‘Prepare and Submit Online’
5) In the online ITR form under ‘General Information Tab’, choose ‘Return Filing Section’ as ‘Revised return under section 139(5)’ and ‘Return filing type’ as Revised.
6) Then, enter the Acknowledgement Number’ and ‘Date of Filing’ of the original return filed. It is mandatory to enter a 15 digit Acknowledgment Number while filing the revised return online.
7) Fill the relevant details and submit the ITR form
8) It should be noted that after completing an amended ITR form, you must e-verify your income tax return. The Income Tax Department will not accept your return unless it has been confirmed.
There is no limit to how many times an amended return can be filed. However, an individual cannot file an amended return once the scrutiny evaluation of their return is finished under Section 143(3) of the Income-tax Act.
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5. Last date to file a revised ITR
According to the CBDT’s latest notification, individuals can file revised income tax returns until May 31. “CBDT stated that it had received requests from many stakeholders for extension and clarified that they had extended the timelines considering the fact that the country is witnessing challenging times due to a severe second wave of COVID. The extension in time limit was the need of the hour and will offer much-needed relief to the return filers, with many states observing full or partial lockdowns,” Said by one Expert.
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