Budget 2021: Deadline for filing belated, revised ITR reduced by 3 months
The government has proposed to reduce deadline for filing belated, revised ITR by three months from March 31 of the relevant assessment year to December 31 of the assessment year
- Feb 1, 2021,
- Updated Feb 1, 2021 5:36 PM IST
Finance Minister Nirmala Sitharaman, in her Budget 2021 speech, proposed reduction in deadline for filing belated, revised ITR (Income Tax Returns) by three months from March 31 of the relevant assessment year to December 31 of the assessment year. This implies that the last date for voluntarily filing the ITR for the current financial year (FY21) will be December 31, 2021.
As per the Memorandum Budget document, this change will be applicable from the assessment year April 1, 2021. The decision has been taken in wake of the technological upgradation in the Income-Tax department where the time taken to conduct and complete such processes has greatly reduced.
An income tax return filed after the due date is called a 'belated' return, while revised income tax returns are those which are filed in case any mistake in the original tax returns such as omission of interest income, bank account etc.
Usually the taxpayers are supposed to file ITR by July 31 of the following financial year (called the assessment year). However, a taxpayer can file belated return at any time before the end of the relevant assessment year or before completion of assessment, whichever is earlier.
Finance Minister Nirmala Sitharaman, in her Budget 2021 speech, proposed reduction in deadline for filing belated, revised ITR (Income Tax Returns) by three months from March 31 of the relevant assessment year to December 31 of the assessment year. This implies that the last date for voluntarily filing the ITR for the current financial year (FY21) will be December 31, 2021.
As per the Memorandum Budget document, this change will be applicable from the assessment year April 1, 2021. The decision has been taken in wake of the technological upgradation in the Income-Tax department where the time taken to conduct and complete such processes has greatly reduced.
An income tax return filed after the due date is called a 'belated' return, while revised income tax returns are those which are filed in case any mistake in the original tax returns such as omission of interest income, bank account etc.
Usually the taxpayers are supposed to file ITR by July 31 of the following financial year (called the assessment year). However, a taxpayer can file belated return at any time before the end of the relevant assessment year or before completion of assessment, whichever is earlier.