The Income Tax Department has given a big relief to taxpayers amid rising corona cases. According to a press release issued by the government, the revised income tax return and bilateral income tax return can now be filled by May 31. The deadline was up to March 31, but the decision was made keeping in mind the second wave of corona.
The Finance Ministry on Saturday tweeted about the new deadline. In its order, the Finance Ministry said that the dates of bilateral income and revised income under subsections 4 and 5 of the Income Tax Act 1961 for the assessment year 2020-21 have been extended till May 31.
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OvGovt extends the timing of some complaints to mitigate the difficulties faced by taxpayers due to the ongoing COVID-19 epidemic.
F. CBDT Circular No. 8/2021 in No. 225/49/21 / ITA-2 available on 30.04.2021 https://t.co/kJSWZCHCYU.Read more https://t.co/bTKV4GuMuF pic.twitter.com/zlx0yTQ4Sh
– Ministry of Finance (in FinMinindia) May 1, 2021
What is bilateral and revised profit
Revised return is called revised return when a mistake is filed. If the taxpayer does not file a return by July 31, he or she has the opportunity to fill out a bilateral ITR. But then the taxpayer has to pay a fine. These fines range from 5000 to 10000.
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The date of appeal to the Commissioner has also been extended. Previously it was the last date until April 1, 2021, but the new deadline is May 31st. The filing date of the notice return filed under Section 148 is made on May 31.
