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: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: VAT Audit :: form 3cd :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: articles on VAT and GST in India :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ACCOUNTING STANDARDS
 
 
« Direct Tax »
 Economists for raising direct tax in budget
 Requirement of tax deduction at source in case of entities whose income is exempted under Section 10 of the Income-tax Act, 1961
 CBDT committee to review 'naming, shaming' of tax defaulters
 CBDT committee to review ‘naming, shaming’ of tax defaulters
 Can we measure demonetisation’s impact on income tax collections?
 CBDT signs 2 more advance pricing pacts
 Income tax returns: How to calculate income from house property
 CBDT proposes new accounting standards for real estate firms
 1 lakh entities face I-T action as ‘clean money’ drive gains pace
 Here are 4 things to know about how CBDT improves ease of doing business by issuing PAN and TAN within 1 day
 Online platforms make tax filing easy, help fill details automatically

Missed the deadline? You can still file tax returns
August, 19th 2014

If you haven't filed your income tax return for 2013-14, you can do so till the end of this financial year without paying a penalty.

No deadline evokes so much fear and panic than the last date to file your income tax return. However, there is no need to lose sleep if you have missed the July 31 deadline. If you have been unable to file your return for the financial year 2013-14, you can do so till March 31, 2015, the last day of the assessment year 2014-15.

Unlike your credit card bill and mobile phone payments, there is no penalty for filing late if all your taxes have been paid.

There is more good news for the lazy taxpayers. If they miss the March 31, 2015 deadline as well, they can still file their return by March 31, 2016. However, this will be treated as a belated return. There is no difference in the filing procedure before or after the deadline. However, you will have to mention that the return is a belated one in the tax form. There could also be a Rs 5,000 penalty for late filing (after March 31, 2015) depending on the discretion of the assessing officer.

However, tax experts say the penalty is rarely slapped if all the taxes have been paid. The assessing officer invokes that provision only when there is an additional tax liability. For salaried individuals and retirees, whose income is subjected to tax deduction at source, are on dry ground. However, keep in mind that there may be some income on which you have not paid tax. Although there is now a Rs 10,000 deduction on interest earned on savings bank deposits under Section 80TTA, the income from other bank deposits and infrastructure bonds bought a few years earlier is fully taxable.

Though the tax authorities are lenient towards lazy taxpayers, there is a price to be paid for missing the deadline. If there is some unpaid tax, the taxpayer will have to pay a 1% late payment fee for every month of delay since April 2014. 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 July 15 of the financial year, 60% by December 15 and 100% by March 31. If this tax has not been paid, the penalty per month will be applicable from the due date of the advance tax.

The taxpayer also forgoes some of his rights if he has missed the July 31 deadline. For one, he cannot modify his tax return if it has been filed after the due date. If he has done so by the specified date (July 31), he can modify his return any number of times before the end of the assessment year or till the return is assessed. However, afterwards, he is not allowed to make any changes. If he makes a mistake or misses any deduction or exemption, he can't claim it later.

Late filers also cannot carry forward any short-term or long-term losses. The taxpayers who file by the due date can carry forward their capital losses and adjust them against any future capital gains. They can also carry for ward these losses up to eight financial years.

For instance, if someone suffered capital losses in 2013-14, these can be adjusted against gains made till 2021-22. However, this benefit is not available if the return is filed after the due date.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-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