Posted by A belated return filing provision allows taxpayers who miss the tax filing deadline to file the return on or before the completion of two years timeframe from the last date of the financial years as per the Income Tax Act 1961.
But now as belated ITR filing rules stands modified as per amendments vide Finance Act 2016, taxpayers for the financial year that ended on 31 March 2017 can now file belated income tax return on or before 12 months from the last date of the financial year in contrast to the previously allowed 24 months timeframe.
The amended provision per se belated return filing which comes under Section 139(4) of the Act is applicable from financial year ended March 31, 2017 and onwards.
This means for FY that ended on March 31, 2017, you have another 22 odd days to file the belated return else penalty implications of Rs. 5000 shall arise under section 271F of the Act. Nonetheless there shall be interest payable as applicable under section 234A, 234B and 234C if there remains any outstanding tax dues.
Further in respect of revised belated return filing, the Finance Act, 2017 has amended the provisions of section 139(5) of the Act which provides for a revised return to be filed only on or before the expiry of 12 months from the last date of the financial year, as against 24 months permitted earlier. The circular dated dated 15 February 2018 that the above amendment would become applicable from FY ended 31 March 2018 and subsequent years.
Source by:-goodreturns
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