Last Chance: File ITR for FY 15-16 & FY 16-17
Filing Belated Returns
Previously, if you had forgotten or failed to file your tax returns with thin the due date of 31st July, you still had two years (from the end of the relevant financial year) to file your belated returns.
For example if you had not filed your tax return for F.Y. 2015-16, then you would still be able to file till 31st March 2018. However, as per the recent amendment, for returns for F.Y. 2016-17, the deadline for filing your belated tax return is 31st March 2018. The procedure for filing belated returns is the same as filing a regular return, except with the change in assessment year.
If you fail to file your return, you may receive an inquiry notice u/s 142(1) or a notice for escaping assessment u/s 148, asking for clarification on the delay in filing and allowed the opportunity to file before the date given in the notice. If, however, you ignore the notice, then you face a penalty of 50% – 200% of the tax payable in addition to the penalty for non-filing.
Moreover, u/s 139(5) you can revise your returns filed earlier within one year of the relevant assessment year. So, for F.Y 2016-17, you can file this return till 31st March 2018 and revise it until 31st 2019.
Penalty for Non-Filing
The penalty for belated returns was Rs 5,000 u/s 271(F). However, after the amendment, for A.Y. 2018-19 the penalty amount for non-filing of belated returns will be Rs 5,000 if filed before December 31st of A.Y and Rs 10,000 if filed between January 1st– March 31st A.Y. For people whose income falls below the taxable income bracket, then the late fee will not cross RS 1,000.
Merely Paying the Tax Amount or TDS
Merely paying the due amount of tax is not sufficient. In addition, the Income-tax rules require a taxpayer to also file return, irrespective of whether tax is due or not. Therefore, for all those with income above the exempted limit, tax return filing within the due date is a must.
Every year, July 31 is the date by which taxpayers are supposed to file their I-T returns (ITR). The deadline for the assessment year 2016-17 which pertains to income earned in the financial year 2015-16 was extended till August 5, 2016
“With less than 3 per cent of people in India filing tax returns, the perception amongst most is that since TDS (tax deduction at source) has happened, filing of tax returns is not important. Many taxpayers also often take it easy as an income-tax return for FY 2015-16 can be filed by March 2018.”
If you are likely to miss even the extended deadline for filing income tax returns this year then you must be worried as to what can be done about it now.
Last date for Filing ITR of FY 2015-2016 and 2016-2017 : 31st March, 2018
Yes, you heard it right. This is a warning bell if you are over with the budget 2018 updates. It’s time to check whether your income tax return is filed or not.
If you were not able to file your return within due date, then Income Tax gives you chance to file belated return section 139(4) of Income Tax Act 1961.
Provisions of Sub section 4 of Section 139 read as follows (up to Finance Act, 2015) [relevant for Assessment Year 2016-17/Financial Year 2015-16]
”As per Section 139 (4) Any person who has not furnished a return within the time allowed to him under sub-section (1), or within the time allowed under a notice issued under sub-section (1) of section 142, may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier :”
“Provisions of Sub section 4 of Section 139 were changed by the Finance Act, 2016, w.e.f. 1-4-2017 [relevant for Assessment Year 2017-18/Financial Year 2016-17]:
(4) Any person who has not furnished a return within the time allowed to him under sub-section (1), may furnish the return for any previous year at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.”
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