It return of year 2013-14, 2014-15, 2015-16

1. ITR for Financial year 2014-15 can only be filed now. For earlier years if you have any refunds due, you can file upto 6 previous years, otherwise not.

2. Generally penalty not levied, but interest over tax due till payment date shall be levied.

4. Interest paid over Education loan can be deducted from taxable income u/s 80E

thank you sir for information. 

But my income is through stipend and its non-taxable. Still can i file ITR??

Under Section 10(16) of the Income-tax Act, any scholarship granted to a person to meet the cost of education is exempt from tax. The term ‘scholarship’ has been interpreted liberally to also include within its scope and ambit, amounts of fellowships, stipends, grants for travel and incidental expenses, etc. awarded for acquiring education.However, an amount paid to the assessee in the for services as an intern in a medical hospital, where service as an intern is necessary for a person who joins a medical school, cannot be regarded as a scholarship so as to qualify for exemption under this clause”.

pl clarify the below query;

My friend wants to file his ITR of 2014-15 now. He did not have any tax dues for that period, 2015-16 year ITR already filed.

Is it possible now, any penalty will attract.

ITR for AY 2014-15, can be filed only if any refund is due.

ITR of PY 2014-15 can be filed till March 2017, u/s. 139(4). But prosecution u/s 276CC can be initiated.

Thank you sir,

what is ITR of PY 2014-15 can be filed till March 2017, u/s. 139(4).

But prosecution u/s 276CC can be initiated. 

 

PY means Previous Year to any assessment year, or Financial year.

So ITR for financial year 2014-15 (ass Yr. 2015-16) can be filled now, but not for earlier years unless any refund pending.

Most Happy to serve you.

Thank u sir, clarified.