Late filling of Revised Income Tax Return

Ghanshyam Lohar (ACCOUNTANT) (60 Points)

31 May 2021

Is any penalty on late filling (after due date) of Revise Income Tax return ?

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4 Replies

manpreet ahuja (partner) (8 Points)
Replied 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

Sivaramaraju G (Learner) (2398 Points)
Replied 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.

CA. Sourav Sarkar (Chartered Accountant ) (24588 Points)
Replied 31 May 2021

No late fee will be applicable on revised return

Ghanshyam Lohar (ACCOUNTANT) (60 Points)
Replied 31 May 2021

Thanks Sir,

Kindly explain/ define the word " Adjustment" ?

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