My Saved Articles Sign in Sign up. Choose your reason below and click on the Report button. The time limit to file such application is six years from the end of the assessment year for filing the return. In case of belated tax refund, no interest will be paid by the department to you. If you are seeking a refund of taxes or want to carry forward losses a return must be filed. Actions that tax department might take against you For non-filing of return, the department can take various actions against you. The maximum penalty in such a case is Rs 5,
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March 31, was the deadline to file income tax returns ITR for the financial year and Fill in your details: Here’s how much investors have lost in a ltr. The department can issue you a notice under section for income escaping the assessment for non-filing of ITR.
Update on the ITR Forms for AY 2015-16 (or FY 2014-15)
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Never miss a great 2015-116 story! Do you have to file income tax return for AY ? Most losses are allowed to be carried forward to subsequent years and adjusted against income when a return is filed specifying the details of this loss.
Do you have to file income tax return for AY 2015-16?
Will be displayed Will not be displayed Will be 201516. No penalty will be levied if there is a genuine reason for such non-compliance and if the income tax officer is satisfied with the reasons, adds Soni.
Choose your reason below and click on the Report button. Jul 01, For Resident Individuals Close.
If your gross total income without allowing any deduction under section 80C to 80U exceeds Rs 2,50, it is mandatory for you to file an income tax return in India. The maximum penalty in such a case is Rs 5, An income tax return must also be filed if you are seeking a refund of excess tax deducted at source TDS on your income.
New ITR forms for AY for Income Tax Return Filing
File a Condonation of delay request for specific cases: It 20151-6 also mandatory to file a return where she is a signing authority in a foreign account. Tax payers who want to carry forward loss under a head of income must also file a return.
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If you are seeking a refund of taxes or want to carry forward losses a return must be filed. Do note that the income here is considered before allowing deductions, so if your income less deductions is lower than the above limits, you should still file a return.
ITR Forms for Assessment Year (Income Tax Return E-Filing Forms) – ClearTax Blog
A penalty may also be levied by the assessing officer of Rs 5, for non-filing of income tax returns. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.
Preeti Khurana Shortly income tax return filing will commence for AYreturns will be filed for income earned in the financial year that started on 1st April and ended on 31st March Therefore, for such taxpayers who have missed the deadline of March 31,can file such application by 31 March for FY and 31 March for FY Shortly income tax return filing will commence for AYreturns will be filed for income earned in the financial year that started on 1st April and ended on 31st March My Saved Articles Sign in Sign up.
The first step is to find out your residential status for the financial Penalties under such case will be levied for under-reporting of incomes.
The due date for filing ite Income Tax Return for assessment year is 31st August – if you meet the conditions listed above, do remember to submit your return timely. Assessment year is the year immediately following the financial year. If you have not filed your returns for these two FYs, read on to find out what you can do now: