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.
- See more at: http://taxguru.in/income-tax/time-filing-belated-return-reduced.html#sthash.lFCULsGi.dpuf
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