Get 3 Yrs of CCI Pro Membership at Greater Value. Subscribe Now!

Filing of ITR for A.Y 2018-19 in 2020

329 views

Save Share

Venkatramana Shastry C

Student CA Final

66 Points Posted on 27 July 2020

Is it possible to file ITR u/s119(2)(b) by an individual for A.Y 2018-19(FY 2017-18) in July 2020 just to show incomes which are exempt from income tax ?If yes what reason one should give for not filing ITR within stipulated time of end of respective assessment year? Will there be any penalty?

Replies (5)

Quick Summary

This discussion explores the possibility of filing an Income Tax Return (ITR) for Assessment Year (AY) 2018-19 in July 2020, specifically under Section 119(2)(b) of the Income Tax Act. The main query is whether an individual can file late to declare exempt incomes, and if so, what reasons should be provided for the delay. The conversation also touches upon potential penalties, including those under Sections 234B, 234C, and 234F, and clarifies when these might apply, particularly in cases involving exempt income or responses to departmental notices.

sabyasachi mukherjee

Profession

19978 Points Posted on 28 July 2020

1. RETURN NOT FILED FOR AY 18 19
PENALTY WILL BE IMPOSED U/SEC 234 B AND U/SEC 234C.
IS IT ABOVE THRESHOLD LIMIT.

Venkatramana Shastry C

Student CA Final

66 Points Posted on 28 July 2020

The person has only exempt income u/s 10(10D) to show (though more than 2.5lakhs), and no other taxable income. So, how is it possible to levy interest under 234B,C?

jacinthamary

accountant

542 Points Posted on 28 July 2020

You can't file for AY 2018-19 unless you receive any notice from the dept. Even if you file returns now you have to paay late fee of ₹1000 u/s 234f

Venkatramana Shastry C

Student CA Final

66 Points Posted on 28 July 2020

Originally posted by : jacinthamary
	You can't file for AY 2018-19 unless you receive any notice from the dept. Even if you file returns now you have to paay late fee of ₹1000 u/s 234f

The mentioned situation is under 119(2)(b) i.e after condonation of delay in filing of return by the A.O and no taxable income for such person in that year. So how 234F applicable?

jacinthamary

accountant

542 Points Posted on 28 July 2020

Filing itr u/s 119(2)(b) applicable only if there is any refund or deduction or exemption. Further it can be filed only after filing condonation. If original filing is not done within the prescribed time then 234F min of ₹1000 should be levied. If the notice issued by department and now you're replying to that notice by filing u/s 119(2)b then 234f is not applicable. This is my understanding of sec234f