Vide Finance Bill FM has reduced Time Limit for filing belated returns u/s 139(4) from 1 year from the end of the Assessment Year to end of the Assessment Year
For Example: –
For AY 2015-16 belated returns can be filed upto 31st March 2017 however
For AY 2016-17 belated returns can be filed upto 31st March 2017
Related Extract from Memorandum to 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.
Do you think CBDT should extend Tax Audit Report and relevant ITR Due Date? Please Comment, Vote, Retweet and Like.— Tax Guru (@taxguru_in) September 18, 2018