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Income tax return not filed on taxable icome

224 views 2 replies

skumar b

ceo

26 Points Posted on 15 September 2020

Dear Friends,

One of my relative a senior citizen aged 65 years having fixed deposited transferred from Her Husband after his demise. The fixed deposited were held Jointly by her with his major son. Both of them having PAN but not filed any return so far.

From AY 2017-18 onwards, her income on Fixed deposits exceeded the taxable limit and due to ignorance she had not filed the return. However to avoid TDS deduction on the Interest Income, She filed Form 15H with the Banks /Nidhis.

The query is :

01. Whether she can file the return and pay tax for the years she earned taxable Interest

02. What is the consequences if not filed the return.

Thanks in advance.

Suresh

Replies (2)

abhay garg

Senior auditor

110 Points Posted on 16 September 2020

You can filed the income tax return for the ay 2017 -2018 . because time has been lapse

you can deposit the tax for AY 2017- 2018 for safe side and when you may receive the notice in future of non filling the return then you will save the interest and other things

Sagar Patel

Tax and Business Consultant

11616 Points Posted on 16 September 2020

You can not file return for A.Y 2017-18 and A.Y 2018-19 as time limit to file Return is already passed.
You can file return for A.Y 2019-20 as last date for same is 30th September, 2020 (i.e current month only) along with interest and late fee, if any.
And can file Return for A.Y 2020-21 on or before 30th November, 2020..