The deadline for filing of tax return for AY 2015-16 is August 31, 2015. But what if you do not file your income tax return (ITR) by due date? Can I-T department penalize you?
The good news is there is no penalty if you miss the August 31 deadline but file your ITR by March 31, 2016. But you loose on some benefits (discussed later).
In case you miss that deadline too, you still can file your return till March 31, 2017 but in this case the I-T department can ask for penalty of Rs 5,000 after giving you chance to explain your reason for not filing. Though the late filing penalty is rare in case you have no tax dues but still it depends on your accessing officer.
Also Read: Who needs to file Income Tax Return for AY 2015-16?
What if you don’t file AY 2015-16 return even by March 31, 2017?
In case you miss the March 31, 2017 deadline then you would not be able to file your returns without I-T Department intervention. Also, the tax officer has to do your tax assessment based on best information he has resulting in increased tax liability.
Here is a list of benefits you miss on in case you skip the August 31 deadline:
However you can still carry forward loss from House property. The above list is not comprehensive and may impact you the wrong way in case of late filing of tax returns.
I hope this post makes it clear why it’s important to file your income tax return on time. So if you have not filed your return yet do it before August 31, 2015 deadline.
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Firstly, i have filed AY 2016-2017..this is my first itr efiling on my PAN in march 2016. But i needed ITR AY 2015-2016, so i have filed AY 2015 – 2016 on june 2016..I have no demand no refund no TDS etc..…tell me if there is any penalty on my pan or what could be consequences..?
Sir i have filed AY 2015 - 2016 on june 2016..from your article i see that there might be penalty, but i have no demand no refund...AY 2015 - 2016 on june 2016.. tell me if there is any penalty on my pan
The penalty for not filing ITR is not very common, especially if there is no additional tax payable. However please make it habit to file your return within timelines.