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: empanelment :: ACCOUNTING STANDARDS :: VAT Audit :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: TDS :: ACCOUNTING STANDARD :: due date for vat payment :: cpt :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« News Headlines »
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act

Questions on I-T returns
July, 28th 2007

Worried about the consequences of not filing your income-tax (I-T) return by July 31? If yes, here is a quick Q&A, with inputs from Mr V.K. Subramani, an Erode-based chartered accountant.

First, what are the due dates?

Assessees having income from salary have to file return of income before July 31 of the assessment year. This is the due date prescribed in Section 139(1) of the Income-Tax Act, 1961.

Self-employed businessmen and professionals, and those deriving income from let-out property too have to file their returns by this date. However, businessmen and professionals with aggregate turnover/annual receipt exceeding Rs 40 lakh (in the case of business) and Rs 10 lakh (in the case of profession) have time up to October 31 for filing their return of income.

Do those with nil tax liability have anything to fear?

Where the return is filed beyond the due date, the taxpayer has to pay interest, if any, on tax liability existing beyond tax deducted at source (TDS) or tax collected at source (TCS) or the advance tax paid.

The question of interest does not arise where tax due for payment is nil, as would be in the case of most salaried people who pay their taxes through the TDS route. Legally, a taxpayer can file his return before the end of the assessment year without any penalty (however with penal interest under Section 234A).

Again, the question of penal interest does not arise in the nil cases discussed above. For the assessment year 2007-08, return of income could be filed up to March 31, 2008.

How costly can delay in filing I-T return be?

Apart from interest and penal interest, there are other implications. If the return is filed after March 31, 2008, but before March 31, 2009, the AO (assessing officer) can levy a penalty of Rs 5,000 under Section 271F.

Even when there is no further tax payable on the income admitted, penalty under Section 271F is leviable for the delay. If the return is filed after March 31, 2009, then such return would become an invalid return.

Are there any benefits in filing by the due date?

An assessee filing return by the due date provided in the statute is eligible to file a revised return if he discovers any omission or wrong statement therein. Time limit for filing revised return is one year from the end of the assessment year or before completion of assessment. No penalty would be levied for filing a revised return on voluntary basis.

So, by filing late, does one lose the revision option?

Yes. If an assessee does not file his return within the due date and files his return subsequently, he cannot have the benefit of revising the return, as the return filed beyond the due date is treated as belated return.

D. MURALI

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Sitemap

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