![]() The first implication of late filing is a late fee which can be in the range of Rs.1,000 to Rs.5000 depending on your tax bracket.You may receive a notice from the income tax department.If you want to file your ITR for the FY 2017-18 then you must do so by the end of the FY 2019-2020.ĭelaying the filing of income tax returns has more than one negative consequence. This can be done, at best, for the two years preceding the current financial year. You can file returns for the previous years.Belated return time has been amended and new time is 3 months prior to end of assessment year. For example, for the assessment year 2018-19 (for the financial year 2017-18), a belated return can be filed until 31 March 2019. As per section 139(4) of the IT Act, if you do not file your income tax return within the due date, you may do so before the end of the respective assessment year along with a late fee. ![]() So, how do you now file income tax returns for the last years? Filing ITRs for Previous Assessment Years But you do not have them because you never felt the need to file ITRs. The bank may ask you for your income tax returns for the last 2-3 financial years to process your loan application. ![]() You have finally decided on your dream home and you are applying for a bank loan to partially finance the cost of your new home. ![]()
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