PRABIR PAUL
(*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.)
(1443 Points)
Replied 26 May 2017
ITR-V should be reach in the hand of the ITD within 120 days from the date of return uploaded.
But now the period has been gone.
So now what should you do?
For The FY 2014-15:-
Last date to file belated return U/s 139(4) has been gone. So you can't file it again.
If some refund is payable then you can meet with your assessing officer and submit a condonation letter U/s 119(2)(b). If he will appove then only you may file it. But in that case your assessing officer may impose on you a penalty U/s 271F with Rs. 5,000/-...
For The FY 2015-16:-
Last date to file belated return U/s 139(4) is 31.03.2018.
So don't do delay for more time. File it as soon as possible. If the IT amount is huge then your assessing officer may impose on you a penalty U/s 271F with Rs. 5,000/-...
Regards,
Santu.....
CAclubindia
