Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: list of goods taxed at 4% :: empanelment :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: cpt :: form 3cd :: articles on VAT and GST in India :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment
 
 
News Headlines »
 Filing of online return for 4th quarter of 2016-17 — extension of period thereof
 CBDT simplifies ITR filing process from FY18
 Govt extends service tax return filing date to April 30
 No move to tax farm income, clarifies Arun Jaitley
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned

Last Date Of Filing Late Income Tax Return Revised. Here's What To Know
March, 14th 2016

Typically, the deadline for filing income tax return of the previous financial year is July 31. In case a person missed the July 31 deadline, he was allowed to file a late income tax return within two financial years from the end of the relevant tax year.

But Budget 2016 has proposed a change and the window for filing late return has been reduced from two years to one year.

"As per the amendments proposed in the Finance Bill 2016, the time allowed for filing a return of income has been reduced from two years to one year from the end of the financial year to which the return pertains to," says Amit Maheshwari, managing partner, Ashok Maheshwary & Associates.

This new rule will be applicable from April 2017, meaning that for the financial year starting April 2016, you will be able to file late income tax return by March 2018, instead of March 2019 earlier.

Also, according to the Finance Bill, one can revise the late income tax return, which was not allowed earlier. Before this change, late return was considered final return and filers were not allowed to make any changes in it. Now a person can revise the return in case of any omission or wrong statement within two years from the end of the financial year to which the return pertains to.

However, certain drawbacks of filing a late return still remain. If you are filing a late return and there was any tax payable, you will have to pay an interest at the rate of 1 per cent per month up to the date of filing of the return.

Also, in case of late return, you can't carry forward your capital losses to next years. Generally, a person can carry forward the capital loss for a financial year to next eight years to set them off with capital gains.

One can claim tax refunds by filing a late income tax return but one will lose on the interest component. "The interest on refund would be payable from the date of filing the return. Which means you lose interest from the start of the assessment year to date of filing of belated return," says Sudhir Kaushik, co-founder of TaxSpanner.com.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

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