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: VAT RATES :: cpt :: VAT Audit :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: due date for vat payment :: empanelment :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: TDS
 
 
Direct Tax »
 Hopeful of meeting direct tax collection target for this financial year: CBDT
 Bengaluru tops in income tax probes after demonetisation
 Income Tax department rejects black money disclosures of over Rs 2 lakh crore
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 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

Missed the tax filing deadline? Know what to do
August, 05th 2013

The surge in the number of e-filers on 31 July, the last day for filing income tax returns, overloaded the system and forced the government to extend the deadline to 5 August. This last-minute rush has become a regular feature in the past few years. The system gets overloaded because a large number of taxpayers wait till the last day. In the melee, many of them are unable to file by the due date.


The rush is greater this year because of the new rule that if your taxable income is Rs 5 lakh and above, it is mandatory to e-file your return. Also, if you have foreign assets, you have to take the online route even if the income is below Rs 5 lakh.

There are other reasons why a taxpayer may miss the filing deadline. There could be mistakes in their Form 16 or TDS details, which could not be resolved in time. It is also possible that the details of foreign assets, which have to be mentioned in the tax returns, were not available, or perhaps, the taxpayer was too ill to file his return. If, however, you have missed the extended deadline as well, the good news is that the Income Tax Department allows you to file your returns till 31 March 2014, the last day of the assessment year.

However, missing the filing deadline is not an earth shattering event. The online filing data reveals that the biggest surge in tax filing is witnessed not on 31 July but on 31 March the next year. This year, for instance, the peak daily rate of receipt of returns was clocked on 31 March when 7.5 lakh taxpayers filed their returns. If all taxes are paid, a taxpayer will not face any penalty or get a notice for non-filing.

However, if there is some tax to be paid, he will have to shell out a 1% late payment fee for every month of delay since April 2013. If the tax due is more than Rs 10,000, the taxpayer should have paid an advance tax. Advance tax is payable in three tranches— 30% is to be paid by 15 July of the financial year, 60% by 15 December and 100% by 31 March. If advance tax has not been paid, the penalty per month will be applicable from the due date of the advance tax.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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