Missed itr

Since last date to file belated return of AY 17-18 was 31/03/18, it would not be possible for Mrs X to file the return now. This situation can have various consequences such as :

a) Notice 142(1) - Department may issue a notice u/s 142(1) to you asking you too furnish your return within prescribed time.

b) Best Judgement Assessment u/s 144  - Department may serve a SCN on you and also compute your tax liability on presumption basis as per its estimation.

c) Ancillary implications - Missing the filing of ITR of any year can affect the chances of getting loan/credit approved or obtaining visa as is it an important documented proof of financial ability.

d) No refund, No c/f of loss - ITR is necessary inorder to get refund of any excess taxes paid in the year or to carry forward losses incurred to future years for set off purpose.

e) Penalties & interest - Non filing of ITR within due date shall attract interest u/s 234A if tax liability has not been met. Also penalty u/s 271A & 234F (from AY 18-19 onwards) can be levied on the assessee for not meeting his obligation to file return.