Decoding Budget 2021 :- No belated Return after 31st December of A.Y

Previous Law:- Income tax return can be filed u/s 139(1) within due dates specified in law which is 31st July for individuals and Non audit cases and 31st September for audit cases of the relevant assessment year.

However one can file Belated Return u/s 139(4) till 31^st March of Assessment year by paying Late Fees As per the provisions u/s 23F after the due date but on or before December 31 of the assessment year would attract a late fee of Rs 5,000 and a fee of Rs 10,000 in any other case. But in cases where total income does not exceed Rs 5 lakh, the fee amount won’t exceed Rs 1,000.

Proposed Change in Bill:-  Now belated Return can be filed only till 31^st December of Assessment Year. This means NO RETURN CAN BE FILED AFTER 31^st DECEMBER TILL 31^ST MARCH OF ASSESSMENT YEAR EVEN WITH LATE FEES.