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.
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 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