Big relief for taxpayers: you have got one more chance to fill up bilated, revised returns, date extended
new Delhi. Income Tax Return (Revised ITR) or Belated Return (Belated ITR) is now an opportunity given to tax holders. If any taxpayers who have not filed their tax return file within the given time frame, then they are given another chance. The Income Tax Department has increased its deadline to 30 November 2020. Earlier, this deadline was over on 30 September. But now i.e. for both FY 2019-20 and FY 2018-19, ITR has increased its limit to 30 November 2020.
Delay of ITR increased for the fourth time
Let us tell you that such deadline has been extended by ITR for the fourth time. The base date is normally 31 March, but in view of the Corona period, its deadline was extended to 30 June 2020, after which it was again extended to 31 July 2020. Then once its date was changed and its date was extended to 30 September 2020. And now it is 30 November.
Increasing difficulties of crores of taxpayers
Had the date declared on 30 September not been extended, crores of taxpayers would have lost the opportunity to file returns for the financial year 2018-19. And these people could fill their returns only when they were sent a notice by the Income Tax Department. However, on filing a late income tax return, a penalty of Rs 10,000 has to be paid. If the income is less than Rs 5 lakh, then late filing fee of Rs 1000 will be collected for filing late returns.
What is a billeted and revised return
Here we are telling you about the difference between bilated and revised returns. If you forget to fill your ITR in a year, then you can file the return later. This is called billeted ITR.
And the revised ITR files a taxpayer when it makes a mistake while filing the original tax return. This includes mistakes such as forgetting the claim of deduction, non-reporting of income or bank account etc.