Ay 2017-18 income tax return filing

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TARIQUE RIZVI (Querist)
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29 July 2017 Dear sir/dear madam, if by the way 31st July 2017 is not extended what will be the worst consequences for the returns to be filed after 31st July 2017 for the Ay 2017-18. I have heard that a sum of Rs 5,000 on account of penalty shall have to be paid before filing the income tax return. This is rumor or fact. Please guide me. I am mentally upset.

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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29 July 2017 In all likelihood, the Govt will extend the deadline.

No, sir! Penalty is not applicable if you file your return before the end of the assessment year (31st March 2018).

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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29 July 2017 Provision is there for charging 5000 penalty but not charged generally.

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