![]() “The person who files a belated return for AY 2017-18 may be subject to a penalty of Rs5,000 under Section 271F of the Income-tax Act, 1961," said Amit Maheshwari, partner, Ashok Maheshwary & Associates LLP.Īpart from the penalty, interest too may be levied under various sections. Not filing a tax return on time has consequences, and you will lose out on some benefits.įor starters, there are penalties and interest levied on the income tax that was due. Until a year ago, till financial year 2015-16, taxpayers had more time, and they could file belated returns before the end of two years from the end of the relevant financial year, said Gupta.īy 31 March 2018, you can do two things: one, you can file the tax return of financial year 2016-17 and two, you can also file the same for financial year 2015-16. ![]() “Starting AY 2017-18, belated returns can be filed before the end of the relevant AY, that is, by 31 March 2018 (this year) or before completion of assessment, if any," said Archit Gupta, chief executive officer and co-founder, Cleartax.in. ![]()
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