Last Updated on May 18, 2021 by Harshad Patel
The Central Government has extended the deadline for filing income tax returns (ITRs) for the assessment year 2020-21. The first ITR was to be filed by March 31, 2021. It has now been extended to May 31.
The person will have to give details of the actual return
A new circular from the Central Board of Direct Taxes (CBDT) states that those who have not filed income tax returns for the last financial year. They will now be able to fill up by May 31st. In addition, if someone makes a mistake in filing a return, they will also have the opportunity to amend the revised tax return. If there is an error in filing the actual income tax return from the tax payer, it can be rectified by filing a revised return. When filing a revised return, the person must provide details of the actual return.
There should be sufficient documentation for changes
Every tax payer who files an income tax return can amend it. Sudhakar Sethuraman, a partner at Deloitte India, said, “Revised tax returns are usually filed for a variety of reasons. This includes misrepresentation of actual returns or non-disclosure of certain statistics. The taxpayer must have sufficient documents for correction. So that the tax authorities do not have difficulty in auditing the situation later. Only a person who has filed an actual tax return by the due date can file a revised tax return.
How to file a revised ITR
The tax payer has to go to the e-filing portal of the income tax department www.incometaxindiaefiling.gov.in and choose the option to file a revised return to file a revised ITR. The number of revised tax returns to be filed is not fixed but the revised return cannot be filed after the return verification assessment.