#FinancialBytes: Missed filing I-T return? Here's what you can do
The due date for filing the Income Tax Return for the financial year 2016-17 was July 31, 2017. However, in case you missed the above deadline, you could have still filed the return as 'belated tax return', latest by March 31, 2018. But if you have missed even the due date for the belated tax return, here's what you can do now.
Solution: If you missed FY 17 belated tax return deadline
If you have missed the deadline for filing your tax return and have your tax refund pending or wish to carry forward your losses, then you can file a condonation of delay request to the Income Tax department latest by March 31, 2024.
How to file condonation of delay request?
Follow the below process to file your condonation of delay request: Login into your account on the Income Tax e-filing website. Go to 'My Account' tab and select the option for 'Service Request'. Then select New Request >Condonation Request. Select a reason for the delay and click on the 'Submit' button. You can track the status of your request through the e-filing portal.
On what basis does the I-T department accept/reject such application?
On the basis of the following parameters, the I-T department can either accept or reject your request: Correctness and genuineness of claim Presence of genuine hardships which led to the delay Income not assessable by any other person under the Income Tax Act The refund has arisen due to excess TDS/self-assessment tax/advance tax Further, the department has a maximum of 6 months to accept your application.
When can you not file the condonation of delay request?
If you have paid all the taxes but haven't filed the ITR before March 31, 2018, then you can neither file the return now nor can make the condonation of delay request. In such a case, the I-T department can issue you a notice and levy a maximum penalty of Rs. 5,000 on ITR non-filing in the absence of a genuine reason for non-compliance.
Consequences of not filing IT Return on time: Part 1
If you don't file the return on time, you are levied: -An interest of 1% on tax payable for each month of delay in filing the return. -A late fee of Rs. 5,000 until December 31, from FY18 onwards on non-filing of tax return within the due date. -On delay beyond December 31, late fee of Rs. 10,000 is applicable.
Consequences of not filing I-T Return on time: Part 2
Besides, being liable for interest and late fee, you will lose the ability to carry forward eligible losses and claim your tax refund and consequential interest. A penalty of 50% of tax payable, from FY17 onwards. In the worst case of tax evasion, tax authorities might give you a maximum 7-year jail term. So, it's always advisable to file your ITR on time.
