The government has changed rules on filing belated returns in two different Budgets (2017-18 and 2016-17). This assessment year (AY) onwards, taxpayers get only one year to file late returns. For the financial year (FY) 2017-18, the deadline for filing return is July 31, 2018, and for belated returns, the deadline is March 2019. Taxpayers cannot file returns after that. The government has, however, introduced higher penalties for late filing from this AY onwards.
What is the deadline for revising returns?
While the period to file belated returns has been reduced from two years to one, assessees can now revise returns even if they file it after July 31.