What to do if you missed filing you Income Tax Return?
The deadline for filing the ITR for the year 2016-17 was 31 July 2017.
However, just in case you missed to file the ITR, you can still file the ITR as 'belated tax return', latest by 31 March 2018.
But if you have got lost even this date for the belated tax return, here's what you'll be able to do currently.
If you have got lost the point in time for filing your income tax return and have your tax refund unfinished or would like to hold forward your losses, then you'll be able to file a pardon of delay request to the taxation department latest by March 31, 2024.
How to file pardon of delay request?
Follow the below method to file your pardon of delay request:
Login into your account on the taxation e-filing web site.
Go to 'My Account' tab and choose the choice for 'Service Request'.
Then choose New Request >Condonation Request.
Select a reason for the delay and click on on the 'Submit' button.
You can track the standing of your request through the e-filing portal.
On what basis will the I-T department accept/reject such application?
On the premise of the subsequent parameters, the I-T department will either settle for or reject your request:
Correctness and genuineness of the claim
Presence of real hardships that crystal rectifier to the delay
Income not assessable by the other person below the taxation Act
The refund has arisen because of excess TDS/self-assessment tax/advance tax
Further, the department features a most of half-dozen months to just accept your application.
When are you able to not file the pardon of delay request?
If you have got paid all the taxes, however, haven't filed the ITR before March thirty-one, 2018, then you will neither be able to file the ITR currently nor can create the pardon of delay request.
In such a case, the I-T department will issue you a notice and levy a most penalty of Rs. 5,000 on ITR non-filing within the absence of a real reason for non-compliance.
However, just in case you missed to file the ITR, you can still file the ITR as 'belated tax return', latest by 31 March 2018.
But if you have got lost even this date for the belated tax return, here's what you'll be able to do currently.
If you have got lost the point in time for filing your income tax return and have your tax refund unfinished or would like to hold forward your losses, then you'll be able to file a pardon of delay request to the taxation department latest by March 31, 2024.
How to file pardon of delay request?
Follow the below method to file your pardon of delay request:
Login into your account on the taxation e-filing web site.
Go to 'My Account' tab and choose the choice for 'Service Request'.
Then choose New Request >Condonation Request.
Select a reason for the delay and click on on the 'Submit' button.
You can track the standing of your request through the e-filing portal.
On what basis will the I-T department accept/reject such application?
On the premise of the subsequent parameters, the I-T department will either settle for or reject your request:
Correctness and genuineness of the claim
Presence of real hardships that crystal rectifier to the delay
Income not assessable by the other person below the taxation Act
The refund has arisen because of excess TDS/self-assessment tax/advance tax
Further, the department features a most of half-dozen months to just accept your application.
When are you able to not file the pardon of delay request?
If you have got paid all the taxes, however, haven't filed the ITR before March thirty-one, 2018, then you will neither be able to file the ITR currently nor can create the pardon of delay request.
In such a case, the I-T department will issue you a notice and levy a most penalty of Rs. 5,000 on ITR non-filing within the absence of a real reason for non-compliance.
Consequences of not filing I-T-R on time: half one
If you do not file the return on time, you're levied:
-An interest of I Chronicles on tax collectible for every month of delay in filing the come.
-A late fee of Rs. 5,000 till day, from FY18 ahead on non-filing of income tax return at intervals the maturity date.
-On delay on the far side day, a late fee of Rs. 10,000 is applicable.
Consequences of not filing I-T-R on time: half two
Besides, being answerable for interest and late fee, you'll lose the power to hold forward eligible losses and claim your tax refund and of import interest.
A penalty of half of the tax collected, from FY17 ahead.
In the worst case of nonpayment, tax authorities would possibly offer you a most 7-year jail term.
So, it is usually better to file your ITR on time.
If you do not file the return on time, you're levied:
-An interest of I Chronicles on tax collectible for every month of delay in filing the come.
-A late fee of Rs. 5,000 till day, from FY18 ahead on non-filing of income tax return at intervals the maturity date.
-On delay on the far side day, a late fee of Rs. 10,000 is applicable.
Consequences of not filing I-T-R on time: half two
Besides, being answerable for interest and late fee, you'll lose the power to hold forward eligible losses and claim your tax refund and of import interest.
A penalty of half of the tax collected, from FY17 ahead.
In the worst case of nonpayment, tax authorities would possibly offer you a most 7-year jail term.
So, it is usually better to file your ITR on time.
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