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Late income tax return filing provision

Hardik (account lead) (233 Points)

14 November 2018

Would like to file income tax for fy2106-17 & 2017-18 now, what main thing needs to be taken care! & Interest Penalties for that!!!

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Puja Sharma (CA) (433 Points)
Replied 14 November 2018

From FY 17-18, a belated return can be filed either by the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. a. For FY 2016-17, the belated return cannot be filed now. b. For 2017-18, the non audit due date was 31.08.2018. However with late filing fees the return can be filed upto 31.03.2019. c. Effective from the financial year 2017-18 a late filing fee will be applicable for filing your returns after the due date i.e. 31st August 2018. The maximum penalty which can be charged is Rs. 10,000. If you file your ITR after the due date (31st August 2018) but before 31st December 2018, a penalty of Rs 5,000 will be levied. For returns filed later than 31st December 2018, the penalty levied will be increased to Rs 10,000. There is a relief given to small taxpayers – the IT department has stated that if the total income does not exceed Rs 5 lakh, the maximum penalty levied for delay will be Rs 1,000. c. Apart from the penalty for late filing, an interest under section 234A at 1% per month or part thereof will be charged till the date of payment of taxes. It is important to note that ITR cannot be filed if taxes haven’t been paid. d. Business Loss cannot be carried forward after due date.

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saurabh sawlani (2158 Points)
Replied 14 November 2018

No more options or possibilities in Normal provisions for filing ITR AY 17-18...

In case You have Refund claim or C/f losses then You can move with condonation delay request to Jurisdictionall CIT...

if the request will accepted then You can file Your ITR based on the Request approval...