Last date for late filing of ITR


#1

I missed the last date of August 5 for filling my ITR in this FY. Whats my last
date for late filing?


#2

For FY 2015-16 which had their last date of filling at August 5, 2016 you can file a belated return latest before March 31, 2018. Belated filling comes with its set of disadvantages but now that is
your only realistic option.


#3

Hi Aswani,

Even if you miss the extended deadline of August 5, you would still be able to file your IT return. Your new deadline would be to file the ITR before March 31, 2018 i.e. end of the assessment year.
There are certain benefits that you get only if you file the ITR within the July 31st deadline (which is now extended to August 5th, 2017).

By filing the ITR on time you are entitled to get interest on Tax Deducted At Source (TDS) from April 1st, 2017. But, if you file the ITR after the deadline, then you will get the interest on TDS from that delayed filing date only. Delaying the ITR can put you under scrutiny by the IT department and you may receive a notice asking for an explanation.

If you delay filing the ITR, then you need to pay an interest of 1% per month from the due date to the delayed filing date. If you file the ITR late, then you also lose the eligibility to carry forward losses on various heads. Late filers cannot carry forward loss from capital gains, speculative loss, loss from business income etc. However, you can carry forward loss from residential property.

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Cheers,
BB Expert