{"id":6321,"date":"2017-07-23T09:03:37","date_gmt":"2017-07-23T03:33:37","guid":{"rendered":"http:\/\/www.apnaplan.com\/?p=6321"},"modified":"2018-04-11T09:37:45","modified_gmt":"2018-04-11T04:07:45","slug":"last-year-tax-return","status":"publish","type":"post","link":"https:\/\/www.apnaplan.com\/last-year-tax-return\/","title":{"rendered":"Can I file my Last Year Tax Return?"},"content":{"rendered":"
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File my Last Year Tax Return<\/strong><\/figcaption><\/figure>\n

There are many who might not have filed last year returns and wondering if they can file their last year tax returns this year?<\/strong> And if yes what is the process to do so?<\/p>\n

The good news\u00a0is yes you can file your income tax returns of last year and here are more details.<\/p>\n

At this point of time you are eligible to file two tax returns – One for the present assessment year and one for the previous assessment year.\u00a0<\/strong><\/p>\n

So as of today you can file returns for present assessment year 2017-18 (FY 2016-17) and last Assessment Year 2016-17 (FY 2015-16).<\/p>\n

Also Read:<\/strong> ITR 2017 – Which ITR Form to use for AY 2017-18?<\/a><\/p><\/blockquote>\n

The table below gives you the details:<\/p>\n\n\n\n\n\n\n\n\n
Assessment year<\/strong><\/td>\nFinancial Year<\/strong><\/td>\nTax Return can be filed by<\/strong><\/td>\nImplication for the Tax Payer<\/strong><\/td>\n<\/tr>\n
2015-16 or before<\/strong><\/td>\n2014-15 or before<\/strong><\/td>\nCannot be filed without IT department permission<\/td>\n\n
    \n
  • Cannot file ITR without involving IT department.<\/li>\n
  • Tax officer has to do tax assessment based on best information he has which might result in increased tax liability<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
2016-17<\/strong><\/td>\n2015-16<\/strong><\/td>\n31-Mar-17<\/td>\n\n
    \n
  • Penalty of Rs 5,000 can be levied<\/li>\n
  • Late payment fee of 1% per month on any tax due<\/li>\n
  • Cannot file revised ITR<\/li>\n
  • Cannot carry forward certain losses<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
2017-18<\/strong><\/td>\n2016-17<\/strong><\/td>\n31-Jul-17<\/td>\n\n
    \n
  • Well Done The ITR has been filed on time<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
2017-18<\/strong><\/td>\n2016-17<\/strong><\/td>\n31-Mar-17<\/td>\n\n
2017-18<\/strong><\/td>\n2016-17<\/strong><\/td>\nAfter\u00a031-Mar-17<\/td>\n\n