Late filling of Revised Income Tax Return

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ACCOUNTANT
60 Points Posted on 31 May 2021
Is any penalty on late filling (after due date) of Revise Income Tax return ?
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On 31 May 2021 at 13:08 Report
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Quick Summary
Filing a revised Income Tax Return after the due date doesn't incur a direct penalty. However, such late revised returns may not be considered for refunds or adjustments. If you need to correct an error, filing a rectification might be a more suitable option to prove your point, especially if the original return was filed on time.

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partner
8 Points Posted on 31 May 2021

ALTHOUGH THERE IS NO PENALTY BUT REVISED RETURN FILED AFTER DUE DATE WILL NOT BECONSIDERED FOR REFUND OR ADJUSTMENT.

HOWEVER RECTIFICATION CAN BE FILED TO PROVE YOUR POINT

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On 31 May 2021 at 13:43
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Learner
2398 Points Posted on 31 May 2021
There will be penalty for late filing
but there will be no penalty for revision of ITR.
You can do revision of ITR any times with out any fees.
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On 31 May 2021 at 13:48
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Chartered Accountant
24588 Points Posted on 31 May 2021
No late fee will be applicable on revised return
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On 31 May 2021 at 15:09
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ACCOUNTANT
60 Points Posted on 31 May 2021

Thanks Sir,

Kindly explain/ define the word " Adjustment" ?

 

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On 31 May 2021 at 16:58

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