Our many clients are getting notices from Income Tax Department- CPC for non filing of ITR for AY 2016-17 & 2017-18. Most of the clients have not filed their income tax returns due to income being below basic exemption limits.
However, TDS@10% u/s 194A is already deducted from their interest income which should have been refunded had they filed their ITR before 31.03.2018.
Hence, kindly answer my 3 queries mentioned below: 1. Whether ITR for AY 2016-17/ 2017-18 can be filed after 31.03.2018 (online? offline?)? 2. Whether refund shall be granted if ITR is filed after 31.03.2018 (i.e. time barred return)?
3. If a person suo moto wants to file ITR for AY 2016-17 & 2017-18 for loan purposes, how can it be done?
07 April 2018
Hi, For A.Y. 2016-17, it is difficult to file Return as it is time barred. But for A Y 2017-18, you can file return manually after paying such prescribed penalty. You have to convince your A.O. for such filing.
CAclubindia
