Can belated return be revised?

Any taxpayer who has already filed his/her income tax returns can revise and refile an income tax return. Even if the return is filed after the due date, which is called a belated income tax return, a revised income tax return can be filed on such belated returns.

What is income from house property?

Income from House Property in India: The income arising out of a house property either in the form of a rental income or on its transfer is referred to as ‘income from house property’. In essence, any property such as house, building, office, warehouse is treated as ‘house property’ under the Income Tax Act.

What is belated return in income tax?

What is a Belated Return? An assessee does not file his return within the timelines prescribed in the income tax act but files it after the due date is referred to as a belated return. The due date for filing a belated return is on or before the end of the relevant assessment year.

Can I show two houses as self occupied?

The choice of which property to choose as self-occupied is up to the taxpayer. For the FY 2019-20 and onwards, the benefit of considering the houses as self-occupied has been extended to 2 houses. Now, a homeowner can claim his 2 properties as self-occupied and remaining house as let out for Income tax purposes.

What is the last date for belated return for AY 2020 21?

The last date to file your belated Income Tax Returns for FY 2020/21 or Assessment Year 21/22 is 31 March. This deadline is for people who had failed to file their tax returns on the original due date of 31 December 2021.

Who should opt for 115BAC?

The above table shows that it is beneficial to opt for the New Tax Regime of Section 115BAC if your Income is more than Rs. 12,25,000 with your eligible Deduction under 80C and Section 80D (it has been assumed that Deduction of Rs. 50,000 shall be Claimed under Section 80D).

Can 115BAC be withdrawn?

“I understand that the option under clause (i) of sub-section (5) of section 115BAC, once exercised in a previous year, cannot be withdrawn for the same previous year and can subsequently be withdrawn only once for any other previous rendering me/ Individual/ HUF* ineligible for exercising option under section 115BAC …

What is the last date for belated return for AY 2021 22?

March 31, 2022
The belated ITRs can be filed voluntarily after the nor-mal deadline, up to March 31 of the assessment year. Thus March 31, 2022 is the last date for ITR filing for AY 2021-22. If the March deadline is missed, then the taxpayer cannot voluntarily file ITR.

Can I file old ITR?

Filing ITR for Previous Years According to the Finance Act 1987 amendment, you can file your belated IT return anytime on or before 1 year from the end of the relevant Assessment Year (AY). Example, for the AY 2016-17, the timeline to file a belated return was on or before 31 March 2018.

How many property can I own?

People frequently ask me as to how many house one can buy and own at a time in own name. The answer is as many as you want and can afford. So there are no restrictions under the tax laws or general laws on the number of houses you can own.

How many houses can be declared as self-occupied?

How much house rent is tax free?

An Illustration

Condition	Tax Exemption
1	Rs 60, 000 (@Rs 5000 Per Month, according to the HRA exemption 2016-17 rules, earlier the limit was Rs 2, 000)
2	Rent paid i.e. 1.5 Lakhs – 10% of the total annual income, i.e. Rs 40, 000= Rs 1, 10, 000
3	25% of the total income= Rs 1 Lakh

What is the last date for filing revised return for AY 2021-22?

With the Finance Bill 2022 set to become a law, one last chance to revise Income Tax Return (ITR) for Assessment Year 2021-22 (Fiscal Year 2020-21) without any penalty is going to end on March 31. This is also the final opportunity to file the ITR for the same AY but with penalty.