CURRENT AFFAIRS

Detailed explanation-1: -The due date of furnishing of return of income for the financial year (2020-21) (assessment Year 2021-22), which was 30th November, 2021 under sub-section (1) of section 139 of the Act, as extended to 31st December, 2021 and 28th February, 2022 by Circular No. 9/2021 dated 20.05.

Detailed explanation-2: -Yes, you can file your ITR after the due date. But such an ITR will be considered as a Belated Return, and a late filing fee will be levied along with interest.

Detailed explanation-3: -On Wednesday, October 26, 2022, the Finance Ministry announced an extension for the deadline for businesses to file their income tax returns (ITR returns) for the assessment year 2022-23.