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Can i file it returns for fy 2016-17

ITR Filing 308 views 2 replies

Can I File IT returns for FY 2016-17. If not then what are the options available.

Replies (2)
You cant file FY 2016-17 (AY 2017-18) IT Returns since the last date for filing Belated Return is 31.03.2018. However you can file a Condonation of delay request for specific cases. In such case you need to File Paper Return(Offline Mode) if A.O accepts ur condonation. These are the parameters based on which applications can be accepted or rejected by the income tax department: a) The claim is correct and genuine b) Case is based on genuine hardship on merits c) Income is not assessable in the hands of any other person under the Income Tax Act d) The refund has arisen as result of excess tax deducted or tax collected at source, advance tax or self-assessment tax. The time limit to file such application is six years from the end of the assessment year for filing the return. (Assessment year is the year immediately following the financial year). Therefore, for such taxpayers who have missed the deadline of March 31, 2018, can file such application by 31 March 2023 (for FY 2015-16) and 31 March 2024 (for FY 2016-17) . In case of belated tax refund, no interest will be paid by the department to you. The application will have to be disposed by the department within six months from the end of the month in which the application is received as far as possible. If taxes are also payable by you: If you have not paid taxes for FYs 2015-16 and 2016-17, then experts advice that one should at least pay all your taxes and interest along with it as applicable under section 234A, 234B or 234C, even if they cannot file the ITR post March 31, 2018. If all taxes are paid but return not filed: If the taxes you are supposed to pay have been cleared but if you have not filed your ITR before March 31, 2018, then you do not have the option to file their ITR now or to apply for condonation of delay. However, the department can issue a notice under section 271F for levying of penalty on non-filing of ITR. The maximum penalty in such a case is Rs 5,000. No penalty will be levied if there is a genuine reason for such non-compliance and if the income tax officer is satisfied with the reasons, adds Soni.
You cannot do it through online but legal remedies like represention to AO can be done. AO will allow based on the reason mentioned.


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