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: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: list of goods taxed at 4% :: articles on VAT and GST in India :: TDS :: cpt :: ACCOUNTING STANDARDS :: due date for vat payment :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: empanelment :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
Direct Tax »
 Mumbai zone direct tax collection flat in H1 FY17
 CBDT issues final rules for taxing share buy back by companies
 CBDT issues final rules for taxing share-buyback
 The direct tax collections up to September, 2016 are at Rs. 3.27 lakh crore which is 8.95% more than the net collections for the corresponding period last year.
 IDS is tremendous success: CBDT chief Rani Singh Nair
 Submit monthly data of appeals disposed of: CBDT to officers
 Direct tax mop-up jumps 9 per cent in H1, indirect tax up 26 per cent
 Income tax department slams notice on five Mumbai-based exporters over offshore accounts
 Redress TDS mismatch grievance of taxpayers: CBDT
 Tax department changes rule for accommodating deductions for deferred spectrum payment
 Tax dept renotifies income computation, disclosure standards

Income tax return: What if you miss the deadline
August, 01st 2013

A lot of people miss the deadline every year due to lack of time or plain laziness. Did you miss it too? In case you have, do not worry, you can still file a belated return. As a tax payer, you are likely to fall under one of these four categories. The associated rules and implications are outlined below.

Case 1: No pending tax liability
Cases where all the taxes have been paid through TDS or advance tax and you don't owe any more to the tax department. This is the safest situation. The income tax return for any assessment year can be filed till the end of that assessment year without any penalty. If it is filed after the end of the assessment year, there is a lump sum penalty of Rs. 5,000.

Case 2: Tax liability exists
This is the case where you still owe taxes to the government. It can happen due to many reasons. For example: if you have income from other sources, if you have worked in more than one company, etc. In such cases, the basic rule remains the same, i.e., the income tax return for any assessment year can be filed till the end of that assessment year without any penalty. You will be liable to pay a penalty of 1 per cent interest on the balance tax payable.

Case 3: You have a tax refund
If you have any tax refund then you can file the return even after the deadline without any issue. The only disadvantage will be that your return may be processed late, which may delay the refund process.

Case 4: You have to carry forward losses
Irrespective of the fact whether you have tax liability or not, if you do not file your income tax return by the deadline then you cannot carry forward the losses of that year to the next year. Thus, you would lose the benefit of setting off of these losses against the income of next year. However, there is an exception to this rule. This rule doesn't apply to loss from house property, which means this loss can be carried forward even if the income tax return is filed after the deadline.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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