Late IT Return Filing Penalty for Nil Income: What You Need to Know

Penalty for late filling of IT returns for nil income

vinayak

accountant

147 Points Posted on 27 December 2020

I am housewife having only income of bank interest for Assessment Year 2018-19 & 2019-20 & 2020-21. I have last filed 5000 income return for Assessment Year 2017-18. Can i file now returns for last 3 Assessment Year showing bank interest income in Dec 2020. Will i have to pay any penalty for late filling of IT returns for Assessment Year 2018-19 & 2019-20 .

Replies (4)

Quick Summary

This discussion addresses the penalties for late filing of Income Tax returns when an individual has only bank interest income and no other earnings. It clarifies the filing deadlines for specific assessment years and advises on whether skipping returns for certain years will lead to notices or future complications. The advice suggests that filing for the current financial year is possible within the given deadline.

JATINDER KUMAR

Accountant

2102 Points Posted on 27 December 2020

You can file ITR only FY 2019-20

Last date is 31.12.2020

vinayak

accountant

147 Points Posted on 27 December 2020

Is it ok if i skip last two a.y it returns...will i get notice for skipping these two a.y. what will be impact of this on my it returns in future? I am housewife having only income of bank interest.