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INCOME TAX RETURN

Manoj (Student) (260 Points)

12 December 2019

I need ITR 1 last 3 year ( 2019-20, 2018-19, 2017-18) . Now Can I file ITR last three year ? If yes , How much interest & penalty i will have to pay?

Please reply.

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8 Replies

Rajan Kumar (55 Points)
Replied 12 December 2019

@ manoj
you can not file ITR for AY 2017-18, and 2018-19.
you can file only for AY 2019-20 you need to pay 1) fee u/s 234f 1,000/5,000 as a case may be.
2) interest as per section 234a,b and c.

prasad Nilugal ( GST Practitioner & Accounts ) (14183 Points)
Replied 12 December 2019

If you are having refund or claiming carry forward loss set-off for A.y 2017-18 and A.y 2018-19 then you can apply for Condonation of dealy in filing return with CIT , if approved you can file return only in case of refund to carry forward loss.

please confirm with others also .

sanjith kotni (Articled assistant) (663 Points)
Replied 12 December 2019

Yes CBDT has delegated powers to condone the delays in filing applications for any releif .Any releif includes a wide range of benefits for assessees.

Kapadia Pravin (17249 Points)
Replied 12 December 2019

Do you have taxable income ?
For what purpose do you want to file old returns ? (other than AY 2019-2020)
Is this to apply for housing loan or like purpose ?
For condonation of delay application with genuine reasons , you have to obtain approval from Jurisdictional CIT.

Sagar Devani (Corporate and International Taxation) (1174 Points)
Replied 12 December 2019

You can file Return of Income only for Assessment Year 2019-20. Interest and Penalty would be determined based on Total Tax Liability

Kapadia Pravin (17249 Points)
Replied 12 December 2019

Absolutely no problem in filing return for AY 2019-2020.

But for earlier AY 2017-2018 and 2018-2019 , you have to follow the procedure as per my above reply. Choice is yours.

Manoj (Student) (260 Points)
Replied 12 December 2019

Yes, I am going to apply hosue loan, ITR last 3 year required by banker

Kapadia Pravin (17249 Points)
Replied 12 December 2019

House loan eligible amount will depend upon ITR income. Plus CIBIL score purpose too. Follow the procedure under 119(2)(b) for condonation. Best of luck.