Due date of belated return for ay 2016-17

Last date for filing returns for FY 2015-16  AY 2016-17 (u/s. 139/1) was 5 Aug 2016.

If one missed the last date for filing returns, one can still file returns till 31st Mar of the Assessment year . So one can still file for returns for FY 2015-16 which is AY 2016-17 till 31st Mar 2017. (u/s. 139/4)

If you fail to file your tax returns for assessment year 2016-17 before March 31, 2017 you could be slapped with a fine of Rs 5,000. BUT YOU CAN STILL FILE RETURN TILL MARCH 31, 2018.

Penalty: There is a price to be paid for missing the deadline.

• If there is some unpaid tax, the taxpayer will have to pay a 1% late payment fee for every month of delay under Section 234A.
• If the tax due is more than Rs 10,000, the taxpayer should have paid an advance tax. Advance tax is payable in three tranches–30% is to be paid by 15 July of the financial year, 60% by 15 December and 100% by 31 March. If this tax has not been paid, the penalty.
• If one is filing Belated return then there could also be a  Rs 5,000 penalty for late filing depending on the assessing officer.