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Income Tax Return

Nisha (student) (85 Points)

11 February 2021

Hi all

Pls assist me. I was working in a bank and my income was taxable and hence filled return till FY 2015-16. After that i left job and stopped working.I have not filled return for

FY 2016-17,

2017-18,

2018-19

2019-20.

But from FY 2019-20 I have started Coaching but my income before deduction U/s 80 is below exemption limit.

1)So is it necessary or mandatory to file return from 2019-20 as income flow is there.

2)For some personal loan approaced to bank they have asked to provide 2 yrs last returns.So for this purpose how many last FY returns i can file now without penalty.

Thaks in advance

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6 Replies

Jigar Suba (6 Points)
Replied 11 February 2021

You can file return for FY 2019-20 only now.. but that too belated.

sabyasachi mukherjee (27819 Points)
Replied 11 February 2021

Applicability of filing return of income:
1. Sec 139 (1) mentions that any person whose taxable income exceeds the maximum amount not chargeable to income tax is liable to file return.
It may also happen that the maximum threshold amount has not exceeded but the assesse income whether its interest income is subject to tds. In those cases the assesse can file returns to claim back the tax deducted.

CA Manivel Manickam (Chartered Accountant) (81 Points)
Replied 11 February 2021

1.Assuming you are not covered under 4th/5th/6th/7th proviso of Sec 139 and since your Income before deduction is below threshold, you are not required to file ITR for Fy 2019-2020 (but still you can file your return voluntarily)

2.As per sec 139(4), you can file your FY 2019-20 return as belated return. You can file the belated return of FY 19-20 on/before 31/03/2021

Susmita Dutta, CA , CPA (CA ) (2141 Points)
Replied 11 February 2021

The penalty for filing of belated return under section 139(4), if the total income does not exceed Rs 5 lakhs,the maximum penalty levied for delay is Rs. 1,000/-.