TAX DESTINATION

Hello Everyone! Welcome back. As we are in the end of the year 2022, we also have some important due dates. Today in our blog we would be discussing about belated return and revised return whose last date is 31st December 2022. Belated return If the person fails to file the return of income within the time-limit prescribed in this regard, then as per section 139(4) he can file a belated return. A belated return can be filed at any time 3 months before the end of the relevant assessment year or before completion of assessment, whichever is earlier. So, for FY 2021-23 (AY 2022-23) it is 31st December 2022. Illustration Mr. Raja is a trader of agricultural products. Turnover of his business for the previous year 2021-22 amounted to Rs. 84,00,000. He has not opted for the presumptive taxation scheme of section 44AD i.e. not declaring income at 8% of sales. He declared income at less than 8% of sales. What will be the ‘due date’ for filing his return of income for the financial year 202122?

Hello Everyone! Welcome back. As we are in the end of the year 2022, we also have some important due dates. Today in our blog we would be discussing about belated return and revised return whose last date is 31st December 2022. Belated return If the person fails to file the return of income within the time-limit prescribed in this regard, then as per section 139(4) he can file a belated return. A belated return can be filed at any time 3 months before the end of the relevant assessment year or before completion of assessment, whichever is earlier. So, for FY 2021-23 (AY 2022-23) it is 31st December 2022. Illustration Mr. Raja is a trader of agricultural products. Turnover of his business for the previous year 2021-22 amounted to Rs. 84,00,000. He has not opted for the presumptive taxation scheme of section 44AD i.e. not declaring income at 8% of sales. He declared income at less than 8% of sales. What will be the ‘due date’ for filing his return of income for the financial year 202122?