What is time limit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 August 2016
what is time limit for filing of belated return , and what is the consequences for filing of belated return.
02 August 2016
W.E.F from AY2017-18 the assessee may furnish the belated return for any previous year at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
Prior to AY2017-18 the assessee may furnish the belated return for any previous year at any time before expiry of one year from the end of relevant assessment year or before the completion of the assessment, whichever is earlier.
A few of the consequences are:
- interest u/s 234A, 234B and 234C (if requisite already paid no interest);
- may impose penalty;
- no carry forward benefit of losses;
- The assessees claiming exemptions u/s 10 (certain provisions) are required to file within due date; etc.
Prior to AY2017-18 the assessee may furnish the belated return for any previous year at any time before expiry of one year from the end of relevant assessment year or before the completion of the assessment, whichever is earlier.
A few of the consequences are:
- interest u/s 234A, 234B and 234C (if requisite already paid no interest);
- may impose penalty;
- no carry forward benefit of losses;
- The assessees claiming exemptions u/s 10 (certain provisions) are required to file within due date; etc.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- FEMA regulation Act. for inward remitance
- Grand in aid
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
