The Income Tax Return (ITR) for Assessment Year (AY) 2020-21 was required to be filed by 31st December 2020. However, if a taxpayer has not filed the ITR or needs to revise the ITR already filed, then they have a chance to file an updated ITR by 31st March 2023.

Manisha Mohol and Associates is a chartered accountants firm based in Ponda, Goa, India. The firm has over 18 years of experience in providing a range of services, including income tax, GST, and accounting systems. The team is led by Mrs. Manisha Fatarpekar, an expert in income tax and GST matters, and known for setting up efficient accounting systems. The firm can help taxpayers with their income tax matters, including filing ITR and updating ITR for AY 2020-21 before the deadline of 31st March 2023.

The deadline to file the ITR for AY 2020-21 was extended multiple times due to the COVID-19 pandemic. The original deadline was 31st July 2020, which was first extended to 30th November 2020, and then further extended to 31st December 2020. However, taxpayers who have not yet filed their ITR or need to revise their ITR can still do so until 31st March 2023.

Revised ITR can be filed if a taxpayer needs to correct any mistakes made in the original ITR or if they have forgotten to include any income, deductions, or credits in the original ITR. Revised ITR can also be filed if there is a change in the taxpayer’s income or any other relevant information.

To file an updated ITR, taxpayers can log in to the income tax e-filing portal using their credentials. After logging in, they need to select the relevant ITR form for AY 2020-21 and make the necessary changes. Once the changes are made, the taxpayer can submit the revised ITR and verify it using any of the verification methods available.

It is important to note that if a taxpayer fails to file the ITR by the deadline of 31st March 2023, they may have to pay a penalty of up to Rs. 10,000. Additionally, if the taxpayer has any tax payable, interest will also be levied on the amount due.

Taxpayers who have not yet filed their ITR or need to revise their ITR for AY 2020-21 should do so before the deadline of 31st March 2023. Filing an updated ITR will help taxpayers avoid any penalties and interest charges. Manisha Mohol and Associates can assist taxpayers with their income tax matters and ensure that their ITR is filed correctly and on time.