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Filing income tax return

ishtiyaque (CS) (46 Points)

14 February 2016

Hi Experts,

can a file ITR4s for Ay 15-16 and 16-17 of resident individual in the month of feb, 2016 simultaneously?.

what would be penalty amount for AY 15-16, where income is rs.1,00,000/-?

Please guide me.

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5 Replies

CA Kalpesh Patel (CA) (180 Points)
Replied 15 February 2016

u can file itr4s for a y 15 16 but u can only file for a y 16 17 after march 16 and there will be no penalty for a y 15 16 for filling retrun in feb.

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ishtiyaque (CS) (46 Points)
Replied 15 February 2016

If i fille for AY 14-15 then in that case there would be any penalty, with aforementioned income?

mohammad rasool baig (Management Consultant) (1026 Points)
Replied 15 February 2016

For Ay 15-16, return needs to be filled within sept 2015....

Penalty - Rs 5,000 & interest provisions will be applicable....

Rohit Goyal (Financial and Taxation Consultant) (206 Points)
Replied 18 February 2016

You can file itr for AY 2015-16 in feb 2016 without any Penalty and as your Income is ₹ 100000 for AY 2015-16 which is less than basic exemption limit (₹250000 lowest exemption limit) so there will be no interest as Interest is calculated on Tax amount but on ₹100000 there will be Nil Tax. For AY 2016-17, you can file ITR after March not before that to calculate your Income tax use following link:

https://www.dropbox.com/sh/j3frxwk127vwk44/AACfYHr4kpfJskaIvFNZDAyBa?dl=0

Its a link of Income Tax Calculator for AY 2016-17