Right Step Investment & Tax Solutions

Q: I am 82 years old I want to file income tax return for Assessment Year 18 -19 now? What will be penalty and how to pay it ? Ans:  There is no provision for you to file the returns once you have missed the due date.  According to the Finance Act 2016 amendment, you can file your   belated IT Returns   anytime on or before 1 year from the end of the relevant Assessment Year (AY). Example, for the AY 2018-19, the timeline to file a belated return was on or before 31 March 2019.  But, The income tax department allows taxpayers to file returns post deadline in some specific cases. The following ways helps you file a condonation of delay request: a. Request the Income Tax Commissioner or the prescribed authority to permit you file income tax returns and state the reason for missing the deadline. The officer can accept your request based on the following criteria: The claim is correct and genuine. The case is based on genuine hardship of merits. A refund has resulte...

Q:  Can I claim income tax benefit for the term life policy where I am the nominee? Ans: No, only a proposer who pays the premium can take the income tax benefit  up to the amount paid by the proposer but the Income tax benefit cannot exceeded Sec 80 C limit which is till now is of Rs. 150000 as per Income Tax Act, 1961.