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: ACCOUNTING STANDARD :: due date for vat payment :: TDS :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: cpt :: articles on VAT and GST in India :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: ACCOUNTING STANDARDS :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
News Headlines »
 Govt to simplify income tax laws, sets up task force under taxman Arbind Modi to study overhaul
 Infosys to configure GST network for filing returns
 Save income tax through mutual fund investment. All you need to know
 Income tax returns (ITR): On sale of property, here is what you should know
 Section 35 of the Income-tax Act?
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961

Income Tax Return: Better late than never
March, 24th 2015

If you are yet to file income-tax return for the previous financial year (FY14/assessment year 2014-15), you still have a chance to do so by March 31. However, if you miss this deadline as well, the tax authorities could impose a fine of R5,000 on you.

If you owe tax, you need to pay a penal interest of 1% per month on the amount due even if you file the return by March 31. The penalty will be charged for every month of the delay since April 2014. Having missed the July 31 deadline last year, you will not be allowed to file a revised return if you make any mistake while filing it by March 31 this year. Also, you cannot carry forward losses when filing the return in March. Delayed filing also means delayed refunds. The earlier you file the return, the quicker you get refunds.

From the above discussion, it’s obvious that the Income-Tax Act, 1961, provides for filing return after the due date, but there are certain points that need to be kept in mind. While the delayed return can be filed online, it has to be done within two years of the end of the financial year, or before completion of the assessment year, whichever is earlier.

ITR 1 — known as Sahaj — is filed by individuals with salary/pension income; or individuals with one house property income; or individuals with income from other sources (excluding lottery income and income from race horses). ITR 2 is filed by any individual who doesn’t satisfy the above conditions, or has exempt income above R5,000; individuals and Hindu Undivided Family (HUF) with capitals gains, income from two or more house properties, other sources or having brought forward losses; individuals and HUF not having income from business or profession.

If there is any tax payable, the assessee will need to compute the additional interest liability and deposit the amount before filing the return, otherwise the I-T department could initiate an assessment. An interest at the rate of 1% per month is payable on the balance amount of taxes deposited from the due date of filing of tax return till the date when the return is actually filed under Section 234A of the Act. Thus, even if you file a belated return, it is advisable to deposit the outstanding tax liability at the earliest so that the interest payable is minimised.

For instance, if a taxpayer has to pay advance tax and he did not meet the deadlines of 30% by September, 60% by December and 100% by 15 March, he will need to pay a penalty. If the advance tax amount paid is less than the compulsory 30% of the total liability by the first deadline (September 15), then 1% simple interest per month on the defaulted amount for three months will be charged. The same penalty will also apply if the taxpayer misses the second deadline of December 15. Missing the last deadline of March 15 will result in 1% interest on the entire defaulted amount for every month until the tax is fully paid.

For returns filed within the due date, any loss is allowed to be carried forward for eight years for set-off against incomes of the future years, subject to certain conditions, and this set-off can help reduce tax liability for the future years.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

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