Time to File belated Return reduced by Finance Bill 2016

By | March 6, 2016
(Last Updated On: March 6, 2016)

Belated Return

What is belated return ?

Belated Return :If a person has not filed the return on or before the due date (normally 31st july / in certain cases 30th September )  than the return is called belated return.

Finance Bill 2016  has reduced Time Limit for filing belated returns u/s 139(4)

Earlier Time to file Belated return : before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

Revised Time to File belated return as per Finance Bill 2016 : Before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

What are the Example on Belated Return ?

Earlier Time  :For AY 2015-16 belated returns can be filed upto 31st March 2017

Revised time : For AY 2016-17 belated returns can be filed upto 31st March 2017

Relevant extract on Section 139(4) (Belated Return )

It is proposed to substitute sub-section (4) of the aforesaid section 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.

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