Q. What will be the Assessment Year for Financial Year 2016-17?

Ans. 2017-18 will be the Assessment Year for Financial Year 2016-17.

Q. What is previous year?

Ans. According to Indian Income Tax Act, previous year is a financial year or accounting year.

Q. I am 45 year old male any my income during financial year 2016-17 is Rs.2,85,000/=. Should I file the income tax return?

Ans. Yes, you should file the return because your total income is above exemption limit and the exemption limit for you for financial year 2016-17 is Rs.2,50,000/=.

Q. I am a 45 year old male. During financial year 2016-17, my gross income is 2,85,000/=. I have deposited in Public Provident Fund Account Rs.50,000/=. My net taxable income is Rs.2,35,000/= i.e. (Rs.2,85,000 minus Rs.50,000). Should I file the income tax return?

Ans. Yes, you have to file the income tax return. Though, your income is not taxable. Please note that if your total income before deduction under Chapter VI A is above exemption limit then, you must file the income tax return.

Q. I am a 50 years old female. During financial year 2016-17, my gross total income is Rs.2,30,000/=. I know that according to Indian income tax act, I need not to file income tax return because my gross total income is below exemption limit i.e. Rs.2,50.000/=. I want to file income tax return for financial year 2016-17. Can I file the income tax return even my income is below exemption limit?

Ans. Yes, if you wish, you can file the income tax return even your gross income is below exemption limit but it is not compulsory.

Q. I have deposited income tax for Rs.1500/= in excess. Can I get refund of the same?

Ans. Yes, you can get the refund of the extra money deposited by you in respect of income tax. Only thing is that you have to file income tax return to claim the refund even your income is not taxable.

Q. My income is not taxable but my client has deducted TDS from the payment made to me. How can I get the refund of the same?

Ans. you have to file income tax return to claim the refund of TDS even your income is below exemption limit.

Q. I have suffered a business loss for Rs.60,000/= during financial year 2016-17. Can I carry forward this loss and how?

Ans. Yes, you can carry forward this loss but it is possible only when you submit the income tax return before due date of filing of return. As you know that the due date of your filing of return for financial year 2016-17, is 31.07.17 then you must file your return before 31.07.17 to carry forward the loss. In case, if Income Tax Department extends the date of filing of income tax return, then you have to file your income tax return before the extended date. For example, if the due date of filing of income tax return is extended to 31.08.2017, in this case, you can file your return till 31.08.17 to carry forward your loss.

Q. Can I file my income tax return after due date?

Ans. Yes, you can file an income tax return after due date of filing of return up to one year from the end of relevant financial year or before the completion of assessment which ever is earlier. For example, date of filing of your return is 31.07.2016. You can file your return up to 31.03.2017. However, if the assessment for F.Y. 2015-16 is completed before 31.03.17, then you should file your return before completion of assessment.

Q. Am I supposed to pay the interest in respect of late filing of income tax return?

Ans. Yes, you have to pay interest if any tax amount is payable by you.

Q. There are no dues of income  tax in respect of my income financial year 2016-17. I am supposed to file my return up to 31.07.17. What is the last date for filing of my return to avoid the penalty?

Ans. Since there are no dues in respect of income tax for financial year 2016-17, you can file your return till 31.03.18 to avoid the penalty.

Q. The due date of filing of my income tax return for financial year 201-17 is 31.07.17. Suppose, I file my return on 15.07.18 then what shall be the penalty?

Ans. If the due date of filing of your income tax return is 31.07.17 then you can file your return before 31.03.18 to avoid the penalty. You can file your return till 31.03.19 after paying the penalty of Rs.5,000/=

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