Sir, I've not been able to file ITR for the financial year 2014 - 15 due to
certain reasons — laziness, lack of time, etc... well, it seems to me that I won't be able to do the needful
by the 31st of March 2016 as well... Apart from my business income (does not need audit), I have income from other sources, such as House
rent, Shop
rent, etc... totaling around 4.5 lacs... What if I file ITR for financial year 2014 - 15 after 31st March 2016, say in May, July or Nov 2016... would I be liable for penalty (Rs. 5000) apart from interest on tax
amount!?
In a case of
rent non-payments eviction must be ordered
by court quickly (in 1 - 2 weeks max), financial damage must be minimal and capped
by a
certain amount (let's say $ 500) and evicted tenant must pay the difference between the allowed non-payment limit and accumulated debt.