With the beginning of new financial year starting April 1, 2022 a new return window is now made open to submit updated return for those who have not filed their returns for financial year 2019-20 and 2020-21 as in their case the time for filing belated returns has ended on March 31 , 2021/December 31,2021.
With the additional income tax on updated income at 25/50% the non-filer can make good and present his taxes to draw peace.
Even those who have filed their returns in the two years are now enabled to update their returns for missing out on any incomes or wrong reporting of incomes or taxes as much of such information may be available to the tax authorities.
Upon such updation/filing one can escape reassessment hassles and complete scrutiny.
Even a tax officer is authorised to make a best judgement assessment on failure to file updated return.
Better act now to prevent later any chase from the department.