New Delhi. The last date to file belated returns and revised returns is December 31. The question is, what will happen if a taxpayer does not complete the same within this time and will the taxpayers get more opportunities?
Both of these are important options related to ITR filing. If a taxpayer is not able to file ITR in time, then he can complete the work by filing belated return. Along with this, if a taxpayer makes a mistake in ITR filing, he can correct it through revised return.
What will happen if it is not done in time?
If media reports are to be believed, if a person does not file the belated and revised return by December 31, then his chance will be lost. Along with this, their compliance cost will also increase. With this, the time you had to correct the mistake will also be lost.
Taxpayers will only have the option to file updated returns through Income Tax Act section 139(8A). Under this, taxpayers get 48 months time after the end of the assessment year.
Updated return file means that if some mistake has been made while filing ITR, then you can correct it through updated return. However, taxpayers may have to pay more tax in this. With this you may also get less refund. In this way, it may prove costly to the taxpayers.
Taxpayers now have 1 day left to file belated ITR. Let us know how we can complete this sitting at home.
Also read:-What all the tasks related to Aadhaar and Ration Card should be completed before January 1, what is the method; see process
How to do ITR filing with late fees?
Step 1- First of all you have to go to the Income Tax website.
Step 2- After this login through PAN and Aadhaar number.
Step 3- Now select the Income Tax Return option here.
Step 4- Then select the assessment year and click on online filing.
Step 5- After this you have to select the category and ITR form.
Step 6- Now verify personal details, select section 139(4)
Step 7- After this, fill the details like income details, deduction carefully.
Step 8-Finally verify with email ID and OTP.
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