The Central Board of Direct Taxes (CBDT). Vide circular no. 08/2021 dated 30 April 2021 has extended the time limit of filing belated Income Tax Return for the financial year 2019-20 (assessment year 2020-21) to 31 May 2021.

Normally, Income Tax Returns for a financial year have to be filed by 31 July of the following financial year. But, th belated and revised ITRs can be filed voluntarily after the normal deadline, up to 31 March of the assessment year.

In view of the current Covid-19 pandemic, The CBDT provided relief to taxpayers. Now the last date to file belated ITR for the financial year 2019-20 (the assessment year 2020-21) has been extended to 31 May 2021.

Sections Covered

Section 139(4) & (5) of the Act contain provisions relating to the filing of belated and revised returns of income respectively.

Belated Return

Belated return (Return under section 139(4)) 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.

If an individual taxpayer does not file an original tax return before the due date i.e., 31 July (unless extended by the government), or within the time allowed under a notice issued by an assessing officer, he still has the option to file the tax return as belated ITR by 31st March of the Assessment Year.

REVISED RETURN

Revised return is a return which 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.

Revised Income Tax return is filed by an individual in case any mistake is discovered after the filing of original tax return such as 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.

The revised return is also filed when the taxpayer receives an Intimation or Notice from the department for a higher Tax demand, which he agrees to. Once the revised return is filed, the original ITR stands withdrawn.

The revised return should be filed before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

For FY 2019-20 (AY 20-21), the last date for filing a revised return was anytime on or before March 31, 2021, which is the end of that assessment year. (now extended to 31st May 2021). If the I-T Department finishes the assessment (scrutiny assessment or best judgment assessment) before that, the same would be the last day to revise the return.