Consequences of Not Filling of ITR before 31/03/2018

Last date for filling of the  Income Tax returns of Financial Year 2015-16, and 2016-17 was 31st march 2018. Now we will see what may be the consequences if one failed to file ITR before 31st March 2018.

1) PENALTY U/s 271F :- If person fails to file return before end of the relevant assesmnet year then the assessing office may levy penalty of  RS 5000/-

2) Interest u/s 234A :- Interest u/s 234A an simple interest of 1% is levied till the payment of taxes

3)Best judgement assessment u/s 144 : if return is not filled under Sections 139(1), 139(4) or  139 (5) or in response to section 142(1)

4) Prosecution for not filling return of income :  If the return of income is not filled then we may be prosecuted under section 276CC (3 month to 7 years)