Income-tax return filing deadlines revised; revised returns extended to twelve months and updated returns allowed in specified notice and loss cases. The amendment replaces the definition of due date with a Table prescribing staggered filing deadlines for different taxpayer classes in the financial year following the tax year. It extends the window for filing a revised return to twelve months from the end of the relevant tax year (or before assessment completion). It also permits updated returns to be filed to reduce a loss where a timely return of loss was filed and to be filed in response to a specified notice, precluding alternative compliance methods.
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Income-tax return filing deadlines revised; revised returns extended to twelve months and updated returns allowed in specified notice and loss cases.
The amendment replaces the definition of due date with a Table prescribing staggered filing deadlines for different taxpayer classes in the financial year following the tax year. It extends the window for filing a revised return to twelve months from the end of the relevant tax year (or before assessment completion). It also permits updated returns to be filed to reduce a loss where a timely return of loss was filed and to be filed in response to a specified notice, precluding alternative compliance methods.
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