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  1. AKD

    AKD Member

    I am a resident senior citizen income tax payer having income only from pension and bank interest. I have completely paid tax for FY2015-16 /AY2016-17 by way of advance tax, self-assessment tax and TDS, but may not be able to e-file ITR-1 by 31.07.2016 for some unavoidable reasons.
    However, I am hopeful to file it in the first week of August 2016.
    What are the consequences under Income Tax Act for this delay?
    Am I required to pay any penalty or fine?
     
  2. ZED

    ZED Well-Known Member

    If you will file it before the end of this (2016-17) assessment year then there shall be no penalty.
    You will not be able to revise the return if there is any mistake.
    If you want I can assist you in efiling. You may mail me the details.
     
  3. AKD

    AKD Member

    Thank you for reply.
    Do you mean that if I file ITR for AY 2016-17 by 31 March 2017 , I will not be liable for any penalty/fine or interest for delayed filing as I have completely discharged my tax liability within 31 July 2016?
    However, I cannot file a revised return for not filing original return by the due date which is 31.07.2016.
    Please confirm.
     
  4. ZED

    ZED Well-Known Member

    Yes, provided you file the return before 31.03.17

    Yes. This is the main reason why one should file the return on time (interest and penalty is rather secondary reason)
     
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