QUESTION - WHAT TO DO IF YOU HAVE MISSED TO FILE INCOME TAX RETURNS OF EARLIER YEARS ?
Following steps needs to be followed for filing application under the said section :
Step 1: Who can file the application:
Section 119(2) of Income Tax Act, 1961 with heading as Condonation in the filling of Tax Return shall only permit for filling of a delayed return on fulfilling certain conditions.
The conditions on which the Return shall be allowed to file are:
The return shall be filed for claiming of a tax refund/exemption/deduction;
The return shall be filed for carrying forward/set- off of loss;
iii. Such above claims are should be genuine and honest;
Income is not taxable in the hands of any other person.
The taxpayer has filed ITR previously but declared invalid by the department (missed verification of return or any other reason) etc.
Step 2: Drafting Application for Condonation for Delay :
Like in a usual way, an application for the condonation for the delay for filing of tax return has to be submitted by the taxpayer through logging in on the Income-tax portal online.
following are the two cases where the request can be filed :
Case 1: If the taxpayer has submitted the return but not verified it or some other reason.
Case 2: If the taxpayer has not submitted any return.
Step 3: Tracking of Condonation Request for Approval and Filing of Return.
Response to the condonation of delay of a tax return by the department can be tracked by the taxpayer by locating as follows in E- Filing portal.
Most important things to to know :
No specific time limit has been determined for the filling of condonation requests. It can be even filed just after the lapsing of the due date but for a specific assessment year, it has to be filed within 6 years.
No interest shall be allowed on a belated claim of refunds.
A condonation request can be filed for a claim of refunds – due to excess tax deducted, collected, excess advance tax paid, excess payment of self-assessment tax and other cases similar thereto.
If your income is below the exemption limit and failed to file your ITR, no need to file a condonation request as if income is below exemption limit then filling of ITR is not compulsory.
Whether tax has been paid or not by the taxpayer on the failure of submission of ITR, the taxpayer can still apply condo-nation of delay of return and take approval from the designated jurisdictional tax officer.
Have you forgotten to file your income tax returns? Also, have fear of penalty?
We can help you be relaxed and just contact -
casunilsakral@gmail.com, what's app No. for query - 7290087927
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Team CA Sunil Sakral
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