Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: cpt :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: empanelment :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: TDS :: ACCOUNTING STANDARD :: VAT Audit :: form 3cd
« News Headlines »
 Can the filling of GSTR-3B be avoided by filing GSTR-1, 2 & 3?
 CII seeks extension of time for filing GST returns
 A tax saver scheme with higher returns
 GST registration mandatory for TDS entities
 Govt rules out extension for filing GSTR-3B returns after December
 Tax department’s e-filing portal out of action for 2 hours
 Use ITR-2 to show salary and capital gains income
  TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
  How to file ITR for FY 2016-17 and all the links you need
 All about E-way Bill under GST
 Good and simple tax: on the GST regime

Safely file tax returns even after due date without any penalty
September, 10th 2012

We all know of the Rush of March when taxpayers run helter-skelter to invest under Section 80C. However, the month witnesses another race against timeof taxpayers filing their returns.

This may come as a surprise, but according to the data on online filing, the biggest surge of tax return filing is not witnessed on 31 July, but months later, on 31 March, the last day of the assessment year.

This is because if a taxpayer misses the last date of filing returns for whatever reason, the tax department gives him another chance to be on the right side of the law. He is allowed to file his return till the end of the assessment year without being penalised.

If there is some tax to be paid, he can still pay it, along with a 1% late payment fee for every month of delay.

When the tax filing deadline was extended by a month this year, millions of taxpayers must have heaved a collective sigh of relief. However, many of them still missed the extended deadline.

These Rip Van Winkles will be delighted to know that they have another 6-7 months to procrastinate.

If there is no penalty, why do so many taxpayers rush to file by the due date? This is because if you miss the tax filing deadline, you forego some of your rights as a taxpayer. "You cannot modify your income tax return if it is filed after the due date," says Delhi-based chartered accountant MK Agarwal.

E-filing of returns for the financial year 2010-11 peaked on 31 March this year, not on 31 July 2011.
You also cannot carry forward any short-term or long-term losses. Income tax laws allow a taxpayer to carry forward capital losses and adjust them against future capital gains. You can carry forward these losses up to eight financial years.

"If you suffered capital losses in 2011-12, these can be adjusted against gains made till 2019-20. However, this is possible only if you file your return by the due date," says Agarwal.

If you also miss the 31 March deadline, the taxman gives you another chance at redemption. You can file your return till 31 March 2014, but you can be slapped with a high penalty of Rs 5,000 for not filing on time. However, this depends on the discretion of the assessing officer. If you are among those who missed the deadline this year despite the extension, it's time to get cracking on your tax returns.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Outsourcing Test Solutions Software Testing Software Bug Testing Software Issues Tracking Software Issue Fix Software Code Optimization Database Design Optimization

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