DON’T MISS THE LAST CHANCE TO FILE REVISED/BELATED RETURN – FY 2019-20

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DON’T MISS THE LAST CHANCE TO FILE REVISED/BELATED RETURN – FY 2019-20

 

Abut By Author

CA. Anita Bhadra

 

 

LAST CHANCE TO FILE REVISED / BELATED  RETURN

FY 2019-20

 

  1. The Central Board of Direct Taxes (CBDT) has provided last chance to the taxpayers to file revised/ belated return for financial year 2019-20.

The time limit of filing revised /belated Income Tax Return for the financial year 2019-20 (assessment year 2020-21) is extended to  31 May 2021  vide CBDT circular no. 08/2021 dated 30 April 2021.

  1. The taxpayers have received an e-mail or SMS from Income Tax Department on March 29 / 30 March 2021 related to the Income-tax return (ITR) filed for the financial year 2019-20. The I-T department has asked the taxpayers to either reply to the query on the compliance portal or file a revised ITR by 31 March 21. It is a last chance for those taxpayers who got this SMS from the I-T department but could not take any action on or before March 31.
  2. The reply thru compliance portal is only a two way communication channel with the Department. The taxpayer can choose either of the statement thru compliance portal (a) Information is correct (b) information is denied. (Refer article – Have You Missed Action on Intimation Notice Received – E- Campaign? dated 19 Apr 2021 on taxguru.in, for step by step procedure to reply on compliance portal.
  3. The option to revised return or file the belated return after 31 March 2021 cannot be exercised thru the compliance portal.
  4. Such taxpayers can now file the revised/ belated return as the date for filing the revised return is extended by 31st May 2021.
  5.  What is Revised Return? A revised return is a return that is filed u/s 139(5) as revision for the original return. It is a revision for any omission or mistake made in the filing of that original return

When the taxpayer receives an intimation or notice from the department for a higher tax demand, which he agrees to, the option available with him is to file the revised return and pay the tax.  Once the revise Income Tax Return is filed, the original ITR stands withdrawn.      .

The omission of interest income, bank account, etc. Deductions or exemptions wrongly claimed and incorrect disclosure of income can be fixed by filing this return.

  1. Revised Return is different from Belated Return Belated return simply means the filing of income tax return after the due date or extended due date. Belated return can also be called as a late return or delayed return.
  2. Due Date for filing Belated/ Revised Return : For FY 2019-20 (AY 20-21), the last date for filing a belated or revised return was anytime on or before March 31, 2021, which is the end of that assessment year. (Now extended to 31st May 2021).
  3. HOW TO FILE  REVISED/ BELATED  RETURN

(a)  Login to e- filing portal www.incometaxindiaefiling.gov.in

(b)  Click on the e-file menu and click Income Tax Return Link

(c )  The following screen will be displayed. Select filing type as Original/ Revised Return.

(d) In Part A, General Information Tab, choose the return filing section as “Revised Return under section 139(5). For filing the revised return, the only requirement is to have the acknowledgment number and the date of filing of the original return.

(e) Enter the Acknowledge Number & Date of filing of the original return filed. It is mandatory to enter a 15 digit Acknowledge number while filing the revised return online.

(f)  Fill or correct the relevant details of the online ITR Form displayed and submit the ITR.

(g) Make sure to verify the return, without which the revised return will not be accepted by the Department verify the return for faster processing and quicker return

(h) If the revision leads to additional tax payable, pay the self-assessment tax.

( i) In case of a refund, intimation under Section 143 (1) will be issued in due course of time.

  1. The extension of timeline for filing belated / revised return will not provide relief to the taxpayer against applicable penalty & interest. The applicable penalty and interest will be calculated automatically at the time of filing revised / belated return and need to be paid online thru e-filling portal itself.

Disclaimer: The article is for education purpose and suggestions to improve the writing and  feedback are welcome – caanitabhadra@gmail.com

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