ITR return query
Ankit Rikhi (567 Points)
26 March 2018
if a assessee not file return pervious year 2016-17, then he will liable to pay what amount of penalty?
Ankit Rikhi (567 Points)
26 March 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160945 Points)
Replied 26 March 2018
Interst over tax liability........ & penalty of Rs. 5,000/- at discretion of ITO
A B Kundu
(Professional)
(1422 Points)
Replied 26 March 2018
If the assessee is liable to file ITR for previous year 2016-17 but doesn't file the same, the department may serve various types of notices like 142(1), 147 or they can make best judgement assessment U/s 144 after intimating the assessee offcourse, and after the assessment, tax will have to be paid along with interest and penalty. If the assessee is lucky enough then he/she may not get such notices, but probability of getting the same increases if he/she has filed return for earlier year(s) and is having taxable income for P.Y. 2016-17.
It is advisable that where the last chance is still available, to file the return for P.Y. 2016-17 if the assessee is liable to file return.
Pankaj Toshniwal
(33 Points)
Replied 26 March 2018
A B Kundu
(Professional)
(1422 Points)
Replied 26 March 2018
The provision quoted by Mr. Toshniwal is applicable from AY 2018-19,i.e., P.Y. 2017-18, not applicable for P.Y.2016-17.
RAJA P M
("Do the Right Thing...!!!")
(127463 Points)
Replied 26 March 2018
RAMAKRISHNAN R
(INCOME TAX OFFICER)
(1736 Points)
Replied 26 March 2018
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