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Due date of belated return for ay 2016-17

Bhavesh Khanvilkar (other) (676 Points)

25 March 2017

Can we file the Belated return for FY 2015-16 after 31st March 2017

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177891 Points)
Replied 25 March 2017

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.