Jay KM (businessman) (13 Points)
15 February 2017Hi,
I have to file IT returns for 3 years from FY 2014-15 to current FY2016-17.
I don't have enough funds in hand to pay 3 years tax immediately but have enough for first year i.e. FY2014-15
Can I file IT return for FY2014-15 now and FY2015-16&FY 2016-17 with few months delay?
Would I receive notice for paying only one year and not paying for the next two years?
Thanks in advance!
Kamal vashist
(Accountant)
(183 Points)
Replied 15 February 2017
No, Now you are only have to filled the returns of last 2 Years( Current Year and last Previous Year). You simply file the return of this year and you can also file your previous year return in section 139(4). Is it not sure that you received any notice from IT department is it totally depend on your Luck.
Points to be remembered while file your return under section 139(4)
(1)Once a belated return is filed then it can’t be revised further.
(2) Assessee cannot carry forward the losses incurred during the head under ‘Capital Gains’ or ‘Profits and Gains of Business/ Profession’
(3) Assessee may have to pay interest under section 234A @ 1% per month or part thereof of delay in filing the return.
(4) If the assessee is eligible for refund and interest on that refund then he won’t be able to receive the interest on the refundable amount.
(5) If the return is filed one year after the end of the financial year, then the income tax officer can levy a penalty up to Rs. 5,000 for the delay.
Studentsca
(CA Practice )
(3577 Points)
Replied 15 February 2017
Yes you can file IT returns for FY 14-15 now. The last date of filing IT return for FY 14-15 is 31st March 2017.
Visit a practising professional and compute your taz liability. Pay the tax accordingly and thereafter you can file your IT return for the FY 14-15.
,As far as FY 15-16 is concerned you may file after you are done with FY 14-15.A few months delay would be acceptable.
IT return for FY 16-17 will be due only after 31st March 2017.
I hope this addresses all your concerns.
JAYANTA GHOSH
(Mgr)
(40 Points)
Replied 15 February 2017
SRI SAI SHA
(2 Points)
Replied 30 June 2017
I need to file my 2014-2015 and 2015-2016 now in 2017 may 30th ? is it possible ? what are the procudures ? kindly help..thank you
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