Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: VAT RATES :: empanelment :: due date for vat payment :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: form 3cd :: TDS :: articles on VAT and GST in India
 
 
« News Headlines »
 GST input tax credit form
  How to rectify income tax returns
 Govt extends tax exemption for industry in North East, hilly states
 Should you file revised Income Tax returns; find out here
 Tax Deducted at Source (TDS) in Goods & Services Tax (GST)
 10 companies that blamed GST for soft June quarter
 How will GST impact the Indian economy
 10 days left to file your first GST return. This is how you do it
 What is property tax and how is it calculated…
 File income tax returns in time to carry forward losses
 Missed the deadline to file income tax returns? Here is what you should do
 Who has to report foreign assets in Indian income tax return and how to do it
 How to file income tax return after due date
 
 

Missed the deadline to file income tax returns? Here is what you should do
August, 08th 2017

You can still file your taxes by the end of the assessment year. And in addition to paying any unpaid tax, you may have to pay penalties and interest on any tax that had not been paid.

Although, the government had extended the due date to file income tax return from 31st of July to 5th of August some taxpayers may have missed filing on time due to some or the other reason. If you also have missed this extended due date, you still have the opportunity to file return. However, filing a belated return can have some negative consequences, but it’s not the end of the world for you.

You can still file your taxes by the end of the assessment year. And in addition to paying any unpaid tax, you may have to pay penalties and interest on any tax that had not been paid. For the FY 2016-17, you are allowed to file a belated return only till the end of AY 2017-18 or before the completion of the assessment, whichever is earlier. It means that post March 31st 2018; you will not get any chance to file your return.

Earlier a taxpayer was allowed to file delayed return for up to two years from the end of the relevant FY. However, for FY 2015-16 also you have time till March 31, 2017, to file your delayed return.

Belated return cannot be revised

Taxpayers who file their tax return before the expiry of due date can revise their return if they need to. For some people, tax filing can be a tricky affair & errors may creep in while attempting to file a tax return. Therefore, it becomes necessary to give yourself a chance to revise your return.

Carry forward of losses is not allowed

When you file a belated return, you cannot carry forward your losses. The main exception in this situation is a loss from house property. Even if you have paid all your tax dues on time, you are not given any opportunity to carry forward your losses if you miss the tax filing due date.

Pay interest if taxes are due

Missing the tax filing due date can burn a hole in your pocket. If you have any taxes due & you do not file your tax return on time, your assessment officer can levy a penal interest at 1% per month on the taxes due.

Penalty when filing is not done by the end of assessment year

Your troubles will increase if you do not file your tax return even by the end of relevant assessment year. Even if you have no taxes due, taxman can impose a penalty of Rs 5,000 if you cannot show a valid cause for delay in filing taxes. However, the imposition of this penalty is at the discretion of the assessment officer and is rarely imposed in general, but there are provisions of higher penalty and prosecution for wilful defaulters.

Although you missed the due date this year, you need to make sure that you do not make the same mistake again next year as the government has introduced a late filing fee of Rs 5,000 for those who miss the tax filing due date. So, in the next assessment year, if you do not file your return by 31st of July, you will be asked to pay this penalty. This fee will increase to Rs 10,000, if you file taxes beyond 31 December. So don’t be a procrastinator and file your income tax return always on time.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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