Taxpayers who have not filed the Income Tax Return for the financial year 2014-15, the deadline to file the return has already passed. The Act mentions hat if a person does not file the return of income within the time limit as per section 139(1), he may file the return for same at any time before the end of one year from the end of the relevant assessment year or  before the completion of the assessment, whichever is earlier. So, the taxpayers who have not filed the return for FY 2014-15 has the last chance to file the return before 31st March, 2017 with penalty and taxpayers who have no filed he return for FY 2015-16 havethe last chance to file before 31st March, 2018 with penalty or before 31st March,2017 withour penalty.

Disadvantages of filing return after the dealine-

1. No revision – Late filed return cannot be revised. 

2. Loss cannot be carried forward:

If any taxpayer who files a late return, who has sustained a loss in any previous year under the following heads “Profits and gains of business or profession” or under the head “Capital gains”, cannot carry forward losses to next year.

Penalty –

If the return is filed after end of assessment year (after 31st  March 2017 in case of return of FY 2015-16) hen assessing officer may impose penalty up to Rs. 5,000/- under secton 271F.

Interest –

Interest under secion 23A @ 1% per month is applicable on net outstandin tax due amount.

Important Points –

1. As returns for FY 2014-15 cannot be revised , be careful while filing the return.

2. Bank Account details which filed in the reurn for processing refund should be carefully checked.

3. You have to pay interest for delay in filing before filing the returns.

Penalty is levied at he discretion of the Assessing Officer.

Also read Relevant article:

How to Pay Zero Tax for Income up to Rs 12 Lakhs from Salary for Financial Year 2016-17 Budget 2016

How to Pay Zero Tax for Business Receipts -Turnover of Rs 1 Crore for Financial Year 2016-17 Budget 2016

If you like my article, please share this on :


Search Professional Post Query Post Assignment Read More Articles

In case of business query on above subject, comment here or contact CA Chirag Chauhan




article author

CA Chirag Chauhan

Tax Expert
Chartered Accountant, CA Chauhan



CHECKOUT TRENDING ARTICLES


  • How to Pay Zero Tax for Income up to Rs 12 Lakhs from Salary for Financial Year 2016-17

  • Do not wait till 31st July to file your Income Tax Return – Keep Ready 9 documents to file before due date

  • Missed to Submit HRA declaration to Employer? You can claim HRA at the time of Filing Returns and get Refund from Income Tax

  • Features and Step wise process - Income Declaration Scheme 2016 – Convert your Black Money to White

  • How to Pay Zero Tax for Business Receipts -Turnover of Rs 1 Crore

  • How to Pay Zero Tax for Professionals (CA, CS, Lawyers, Doctors, etc) earning Income of Rs 16 Lakhs

  • Why you should file Income Tax Return? Benefits of Filing Income Tax Returns

  • How to save Rs 10 crore as retirement corpus

  • Having Turnover of Less than 10 Lakhs? How to File NIL Service Tax return with Circular No 033/2012

  • Starting a New Business or Profession? Compare Structure and type of Entity– Sole, Partnership, LLP or Company

  • Revised and Latest TDS Tax Deducted at Source Rate Chart for FY 2016-17 AY 2017-18

  • Exemption for Capital Gain Arising on Transfer of Resident House Property

  • WILL- Important points, Tax Advantages of will and Format of WILL

  • Revised and Latest TDS Tax Deducted at Source Rate Chart for FY 2016-17 AY 2017-18

  • Exemption for Capital Gain Arising on Transfer of Resident House Property

  • WILL- Important points, Tax Advantages of will and Format of WILL

  • Senior Citizens Tax Benefits in Income Tax Act - Filing, exemptions, advance tax and other benefits

  • Registration process for Trade Mark


  • GET FREE ARTICLE UPDATES VIA EMAIL

    Always stay updated with latest information on expertmile

    I hope by reading this article you got enlighten on ,Missed filing income tax return for FY 2014-15 and FY 2015-16? Last chance to file your return before 31st March, 2017further to mention before taken any financial decision based on this content it is prefered to take an expert opinion as matter can be subjective.