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
Latest Expert Exchange
News Headlines »
 5 Naew Tax rules you should know to plan your savings for FY 2018-19
  How to fill the new details required in ITR-1
 How to fill the new details required in ITR-1
 How to submit Form 15H, Form 15G to avoid TDS on interest income
 What is tax deducted at source (TDS)?
 Income Tax Return filing 2018: Here are some important tips for you
 Change in Examination Venue in Thane, Zone – II, May 2018 Examinations
 Here’s all you need to know New Income Tax return for salaried class available on IT portal
 What to do if you missed the (second) tax deadline
 Income-tax (5th Amendment) Rules, 2018 - Notification under section 9A (3) of the Income-tax Act, 1961 in respect of Fund Manager Regime
 Income Tax department warns salaried class again filing wrong ITRs

Missed income tax return deadline? Don't panic
August, 02nd 2008

Vijay, an executive working in one of the multinational companies, woke up to the fact that he has not filed his tax return and has missed the deadline of July 31, 2007. The ghost of penal interest and other penalties started hovering his mind.

He went to his chartered accountant to look for a solution and was amazed to know that there is no penal interest or any other penalty for missing the deadline as he had paid all his taxes before March 31, 2008.

Like Vijay, you being a salaried person may have missed the return filing deadline. If you have an income on which all the taxes have been deducted or have been deposited by way of advance tax, dont panic. There should be no additional penalty or interest for not filing the return by July 31, 2007, provided you act now.

You still have the time to file your return of income for the tax year 2007-08, till March 31, 2009. However, the persons who have any loss under any head of income to be carried forward may have a cause to worry as the said loss would not be allowed to be carried forward to next year if the return of income is not filed before the due date.

In case there is a shortfall in deposition of taxes, then you would be liable to pay a simple interest of 1 per cent per month on the amount of taxes short deposited from the due date of filing of tax return till the date return is actually filed. This is a penal interest for delay in filing of return of income. This interest is in addition to the interest of 1 per cent payable for shortfall in payment of advance tax.


 

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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