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: due date for vat payment :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: VAT RATES :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: VAT Audit :: form 3cd :: articles on VAT and GST in India :: ACCOUNTING STANDARD
 
 
Direct Tax »
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30
 Cash trove tax drive dilemma
  CBDT halves Income Tax refunds issue timeline to 15 days for this fiscal
 CBDT signs four unilateral advance pricing agreements
 Central Board of Direct Taxes allowed Rs 4,500 crore of irregular benefits to infrastructure companies: CAG

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