Hi,
No you cant file ITR related to FY 2017-18 now, but if you had any income tax refund then you can file with prior approval of CIT u/s 119 of Income Tax Act,1961.
Can I file Income tax returns for the year [deleted] now ? If yes What is the penalty for income about Rs 6 lacs for the year [deleted]
Hi,
No you cant file ITR related to FY 2017-18 now, but if you had any income tax refund then you can file with prior approval of CIT u/s 119 of Income Tax Act,1961.
Technically you can't you need to get permission from Commissioner of income tax u/s 119 and if he allows you can or you can file return if you receive some notice with regard to that year.
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Thank you.
Dear Sir,
Now, you can't file return for AY 2018-19. The due date has been lapsed.
You can file the return only after receiving approval from commissioner. You need to file condonation of delay for the same,
Also, If you receive any notice from the income tax department then you can file the return.
We may help you in filing condonation of delay request.
Hello,
Only if you have received a notice from the department to file your return for the concerned year.
Regards,
CA Hunny Badlani
Hi
No. The due date for return filling for FY 17-18 have expired.
You can file return only in response to a notice received from the IT department.
Hello Sir,
You can file the return for AY 2018-19 only after receiving notice from income tax department.
For the year 2017-18, the last day to file a belated return was 31 March 2019. You have already missed this due date. Now you can file return only on receiving notice from Tax officer.
However, to minimize your exposure on interest and penalty, I suggest you compute your tax liability and pay the necessary taxes with interest. This will at least lead a strong argument before the tax officer that you have did not have any intention to avoid paying tax.
IF your taxable income is below 500,000 you may not have any tax liability. This means your total income is 6 lacs but in case you have tax saving investments like PPF, LIC etc of around 1lac, then your taxable income can be below 5 lac. Penalty is not automatically levied, it can be done by the tax officer, if he feels there is a reasonable cause and malafide intention to avoid paying the tax. T Here could be compulsory fee for not filing return ranging from RS 1000 to RS 10,000.