For FY 2018-19, the Income Tax Department has extended the deadline to file belated/revised income tax returns (ITR) from 30 September 2020 to 30th of November, 2020.
This announcement was made public by the official twitter handle of the Income Tax Department of India.
Income Tax Department has stated that the decision was taken due to the current pandemic situation and the genuine difficulties faced by the taxpayers. Further, the CBDT will extend the deadline for drafting of belated & revised ITRs for the assessment year 2019-20 to 30th November, 2020 from 30th September, 2020 as per the issues order u/s 119(2a). Due to the crisis, this is the fourth time the Income Tax Department has extended the deadline fir filing of ITR, which was 31st March, 2020 initially. Before this extension, the government had set the previous deadlines as June 30 to July 31 and subsequently to September 30, 2020.
Those who have not filed the income tax returns for the FY 2018-19 would have lost tha chance to file the tax return today if the deadline would not have been extended unless the income tax department would have asked specifically to file the ITR via a tax notice. Due to late filing of the tax returns for FY 2018-19, the taxpayers now have to pay ₹10,000 extra as penalty. However, for the individuals earning less than ₹5 lakhs per annum, the late penalty sum will not exceed ₹1000.
What is Revised Return & Belated Return?
For issues such as forgetting to claim a deduction, not reporting of income, bank account etc, at the time of filing the tax returns, a revised Income Tax Return is filed by the person.
For a particular financial year, if the taxpayer is not able to pay the tax returns within the given deadline, a belated tax return is filed by the individual after the expiry of the initial deadline set by the Income Tax Department.
The Revised Return is filed under section 139(5) of the Income Tax Act and a Belated Return is filed under section 139(4) of the Income-Tax Act of India.