4. What is the time limit for revising a return? Individuals can file a revised return before the 31st of December of the relevant assessment year or before the completion of the assessment, whichever is earlier. For the current assessment year 2023-2024, the last date is 31st December, 202...
Belated ITR Filing:If you miss the ITR filing due date, you can still file a belated return, but you must do so by December 31st of the particular assessment year. For example, if you miss the July 31, 2024, due date for the financial year 2023-24 (assessment year 2024-25), you c...
For example: If a Return of Income for the Financial Year 2015-16 or Assessment Year 2016-17 is filed by the assessee on 28th July 2016 (before the due date of filing of Income Tax Return i.e.5 th Aug 2016), and he later discovers some mistake,he can file a Revised Return of In...
Due Date for Revised/Belated Return of Income for FY 2023-24: December 31, 2024. Note on "ITR date extension":The Central Board of Direct Taxes (CBDT) extended the deadline for corporates to file their income tax returns for the Assessment Year (AY) 2024-25 from 31st October 2024 to15...
An updated ITR (ITR-U) can be filed irrespective of whether an individual has filed an original, belated or revised ITR or has completely missed filing the form in a particular financial year. A taxpayer could file only one updated return for each assessment year(AY). ...
The revised return due date is 31st December 2024. The belated or last return due date is 31st December 2024. Penalty for Filing of ITR After Due Date Failure to file an income tax return after the due date has several consequences, such as a penalty for late filing of income tax. The...
Q. I have filed my income tax return incorrect what should I do? You can file revised return & correct the mistakes/errors. The revised return can be filed at any time before the expiry of 1 year from the end of the relevant assessment year ...
ClearTax’s e-filing software auto-populates the TDS details from your Form 26AS in your income tax return. How can I claim an income tax refund? You can claim an income tax refund by e-filing your income tax return. An e-filing enables you to claim credit for excess TDS paid ...
This facility is available only when the ITR is filed within the due date. However, loss under the head of income from house property can be carry forwarded. Also Read:ITR and Audit Due date Further Extended by CBDT
However, the losses or accumulated depreciation cannot be carried forward, and in case there is any error the belated return cannot be revised. Penalty For Not Filing The ITR Filing of ITR is a mandatory requirement under section 139 of the Income Tax Act,1961 and non-filing of the same ...