The deadline for filing the Income Tax Returns has been crossed now but if you are one of the taxpayers that has not submitted his, her ITR yet then there is one last option that you can opt for. It is to be noted that the ITR for FYs 2015-16 and 2016-17 cannot be filed anymore.
The deadline for filing the Income Tax Returns has been crossed now but if you are one of the taxpayers that has not submitted his, her ITR yet then there is one last option that you can opt for. It is to be noted that the ITR for FYs 2015-16 and 2016-17 cannot be filed anymore.
But as mentioned above, there is one last option of filing a delay request with the Income Tax department stating the specific reason for not submitting the documents on time.
Below, we have answered some FAQs related to not or late filing of returns.
1. Can a return be filed after a due date?
Yes, if one could not file the return of income on or before the prescribed due date, then he can file a belated return. A belated return can be filed at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. A belated return attracts interest and penalty .
E.g., In case of income earned during FY 2016-17, the belated return can be filed up to 31st March, 2018.
However, as mentioned above belated returns could not be filed anymore and you can submit an a condonation of delay request to the I-T department, according to CBDT order.
2. What is the time limit to file such returns?
The time limit to file such returns is six years from the end of assessment year for filing the return.
Therefore, for such taxpayers who have missed the deadline of March 31, 2018, can file such application by 31 March 2023 (for FY 2015-16) and 31 March 2024 (for FY 2016-17).
3. If you fail to furnish your return within due date, will you be fined?
Yes, if you have not furnished the return within the due date, you will have to pay interest on tax due. If the return is not filed up to the end of the assessment year, in addition to interest, a penalty of Rs. 5,000 shall be levied under section 271F. [No penalty section 271F would be levied w.e.f. Assessment Year 2018-19]
Note: W.e.f. assessment year 2018-19, fee as per section 234F is required to be paid if return is furnished after due date. Fee for default in furnishing return of income will be as follows:
Rs. 5000 if return is furnished on or before the 31st day of December of the assessment year;
Rs. 10,000 in any other case
However, late filing fee shall not exceed Rs. 1000 if the total income of an assessee does not exceed Rs 5 lakh.
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