Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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: Central Excise rule to resale the machines to a new company :: due date for vat payment :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: empanelment :: TDS :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: VAT Audit :: form 3cd :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« News Headlines »
 Regarding Filing of online return for first quarter of 2017-18 extension upto 01-09-2017
 Deadline to file returns extended to 28 August for biz with transitional
 GST input tax credit form
  How to rectify income tax returns
 Govt extends tax exemption for industry in North East, hilly states
 Should you file revised Income Tax returns; find out here
 Tax Deducted at Source (TDS) in Goods & Services Tax (GST)
 10 companies that blamed GST for soft June quarter
 How will GST impact the Indian economy
 10 days left to file your first GST return. This is how you do it
 What is property tax and how is it calculated…

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