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31st March, 2018: Warning Bell for filing of Income Tax Return!

Yes, you heard it right. This is a warning bell if you are over with the budget 2018 updates. It’s time to check whether your income tax return is filed or not.

31st March’2018: The last date for Income Tax return u/s 139(4) for Financial Year 2015-2016 & 2016-2017.

So, this will be last chance to file the Income Tax return else you have to face the consequences for non-filing of the income tax return.

Position before Finance Act’2016:

As per section 139(4):

Any person who has not furnished a return within the time allowed to him under sub-section (1), or within the time allowed under a notice issued under sub-section (1) of section 142, may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

Analysis:

This means the maximum time available for filing of the Income Tax Return was one year from the end of the relevant assessment year.

E.g: Income Tax Return filing for the Financial Year 2015-16 can be furnished within one year from the end of the relevant assessment year. Relevant assessment year for the Financial Year 2015-16 is 2016-17. One year from the end of relevant A.Y is 2017-18.

Thus, the maximum time period to file the Income Tax Return is 31st March’2018 for the Financial Year 2015-16.

Position after Finance Act’2016:

Amended Section 139(4) by the Finance Act’2016:

Any person who has not furnished a return within the time allowed to him under sub-section (1), may furnish the return for any previous year at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

Analysis:

To expedite assessments of the Department, the returns for an assessment year also freeze by the end of the assessment year. Now, the maximum time available for filing the income tax return is the end of the relevant assessment year.

E.g: Income Tax Return for the Financial Year 2016-17 can be furnished by the end of the relevant assessment year. The relevant assessment year for the Financial Year 2016-17 is 2017-18.

Thus, the maximum time to file the Income Tax Return is 31st March’2018 for the Financial Year 2016-17.

The TIME BOMB of 31st March’2018 is approaching. Hence, get the Income Tax Return filed for the Financial Year 2015-16 and 2016-17 to avoid any adverse consequences of non-filing of the income tax return.

Categories: Income Tax

View Comments (7)

  • I am a senior citizen and pensioner, My annual income from pension and interest from Fixed deposits is only Rs 2,60,000/-. am I required to file the income tax returns

    • Sir,
      ITR is required to be filed if the Gross Total Income income exceeds Maximum amount not chargeable to Tax. For Senior Citizen exemption limit is 3 Lakh. However, if you have TDS deducted on FDR interest, you should file the ITR to claim the refund.

  • I am Sr.citizen,aged 85 years. My annual income is about 1.5 lakhs and a pension of ₹18750/-. Do I have to file the Return to claim refund of ₹200/- deducted by the bank by oversight. Thanks in advance.

  • I have to reverse an itr which is filed on 31.03.2018 for the AY 16-17 & AY 17-18 what is the procedure whether I can able to reverse .

  • Please advise me what can I do if f.y.2016-17 income tax return not filled up to 31.03.2018

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