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: form 3cd :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: VAT RATES :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: TDS :: VAT Audit :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: cpt
« News Headlines »
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016
 Announcement - Clarifications in Respect of MEF 2016-17

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

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 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