TIME LIMIT FOR BELATED RETURN REDUCED IN BUDGET 2016

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Among other main amendments the most important amendment related to filing of income tax return is as given below in this post. Earlier there was a provision for filing of belated income tax return under section 139(4). The time limit for the same is within one year from the end of relevant assessment year. TIME LIMIT FOR BELATED RETURN REDUCED

But now the same period has been reduced to up to last date of relevant assessment year. The same change can be understood after studying the following example.

Earlier

FY      = 2013-14

AY     = 2014-15

Then last date for filing of income tax return of Financial Year 2013-14 is 31^stMarch 2016.

Now after Amendment

FY      = 2013-14

AY     = 2014-15

Then last date for filing of income tax return of Financial Year 2013-14 is 31^stMarch 2015.

For your kind reference we are posting the relevant extract from the memorandum of Budget is as follows: –

It is proposed to substitute sub-section (4) of the section 139 to provide that any person who has not furnished a return within the time allowed to him under sub-section (1), may furnish the return for any previous year at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

For full amendments list visit the below link:

UNION BUDGET 2016 KEY HIGHLIGHTS

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