Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: TDS :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: cpt :: form 3cd :: due date for vat payment :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ACCOUNTING STANDARD
News Headlines »
 GST panel to consult MSMEs in October end to further ease tax rigour
  How to check income tax return status
 Been Served a Notice by the Income Tax Department? Here’s How You Can Respond
 Seeks to amend the CGST Rules, 2017 - 45/2017 - Central GST (CGST)
 Government provides clarity on tax rate
 Processing of returns in Form ITR-I under section 143(1) of the Income-tax Act, 1961
  Filing of Reconciliation return in form 9 for the year 2016-17
  Today is last date for filing GSTR-1 forms for July; govt rules out further extension
 Today is last date for filing GSTR-1 forms for July; govt rules out further extension
 Refund of IGST paid on export of goods under Rule 96 of CGST Rules 2017
 Income-tax (23rd Amendment) Rules, 2017

Indian Americans: File extended tax returns by October 15
October, 09th 2013

If you are a US taxpayer and requested an extension to file your 2012 taxes, your returns are due on October 15, 2013.

As a US taxpayer living in the US, by filing an extension through Form 4868 way back in April 2013, you got six more months to file your return. According to IRS rules, a US Citizen or US Green Card holder must file US tax returns (if income is above the basic tax exemption limit) irrespective of which country he or she lives in. So as a US citizen or Green Card holder living in India, if you filed for an extension, your return is also due on October 15, 2013. With that date now close, here's what you need to know if you don't file returns by then.


There are two kinds of penalties - the failure-to-file penalty and the failure-to-pay penalty. According to IRS rules, even if you file an extension for your tax return, you should have paid your taxes by the original deadline of April 15, 2013.

Failure to pay penalty

If you did not pay your taxes by the original due date of April 15, you will generally have to pay a penalty of 0.5% of your unpaid taxes for each month of delay after the due date. This penalty will not exceed 25% of your unpaid taxes.

However, if you filed Form 4868 for extension by April 15 and you paid at least 90% of your actual tax liability by that date, you will not face a failure-to-pay penalty if the remaining balance is paid by October 15.

Moreover, taxpayers are expected to pay taxes throughout the tax year by way of withholding or estimated taxes every quarter. You must pay estimated taxes if you expect to owe at least $1000 in tax after your withholding and refundable credits. If you did not pay sufficient estimated taxes, you would have to pay a penalty for failure to pay estimated taxes.

"To avoid the penalties on estimated taxes for any tax year, you should pay at least 90% of the tax that you will owe on your estimated income for the tax year or 100% of the total tax paid in the previous year (if income exceeds $150,000 then 110% of the total tax paid the previous year),"says Roy Vargis, an Illinois based CPA and promoter of
Failure to file penalty

If you do not file by the deadline, you might face a failure-to-file penalty. This penalty is usually 5% of the unpaid taxes for each month or part of a month that a return is late. This penalty will not exceed 25% of your unpaid taxes. If you filed for an extension, this penalty will apply from the extended due date, in this case, October 15.

If you file your return more than 60 days after October 15, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. That means, if you did not owe any taxes, you can file your tax returns and will not attract a failure to file penalty.

Did not file for an extension?

If you did not file your tax return in April 2013 and failed to file an extension, you will be liable for both, the failure-to-file penalty as well as the failure-to-pay penalty. Both penalties will be calculated from the original due date, that is April 2013.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions