Message: Return type of CI_Session_files_driver::open($save_path, $name) should either be compatible with SessionHandlerInterface::open(string $path, string $name): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
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Returns File after the Due Date of Filing Income Tax
The return filed after the due date is known as Belated Return under section 139(5) of the Income Tax Act. The government has not levied any monetary penalties for late filing of income tax return till now. A mandatory penalty of Rs. 5,000 is imposed if the return is filed after 31st July but before 31st December. A penalty of Rs. 10,000 in any other case has been proposed which will be applicable from next Financial Year. Where the income of the assessee does not exceed Rs. 5 Lakhs, it is proposed that fine should not be more than Rs. 1,000. Hence, for the FY 2016-17, we can still file the belated return without worrying about any hefty penal consequences.
Although there have not been any mandatory penalty proceedings, a delay in filing of return can potentially lead to a loss of a lot of money.
Let’s talk about few of such implications.
If you have made cash deposits in your bank accounts during the demonetization period i.e. from 09th November 2016 to 30th December 2016 more than Rs. 2 Lakhs and have not filed your return, then you will face the following consequences;
Be prepared to receive an income tax notice from the IT Department asking you reasons for the non-filing of return as reporting of such transactions has been made mandatory by the tax department for the FY 2016-17/AY 2017-18.
Banks must report such high-value cash transactions to the tax department and submit the PAN of the taxpayer. Taxpayers will be asked to explain the details of cash deposits made by them.
The tax department may also send you a notice seeking information, documents, statements, accounts etc. as they feel relevant. If the assessee fails to provide such relevant information, then he/she may be required to pay the penalty of Rs. 10,000 for each failure.
