The last-minute rush of filing tax returns is over. Most people manage to file their Tax returns on time. Yet, there are some who, for one or the other reason, fail to do so. If you are among the latter, You can still file your returns and chances are you won’t have to pay a penalty.
Every Individual whose income exceeds maximum taxable limit is required to file Income tax Return on or before the due date.
Due date for Individuals getting salary and who are running their own business or profession or working as free lancer are required to file tax return on or before 31st July, (Extended to 05th August 2013) every year.
In case of Individuals who are required to get their books audited and Companies, the last date for filing return is 30th September.
Have you missed the tax filing deadline of 31st July, Don’t worry, you can file returns till 31st March.
The return for income earned in the financial year ending on 31 March should ideally be filed by 31 July for non-business taxpayers ie individuals getting salary income, business income not require audit and others. But if the taxpayer has missed the deadline of 5 th Aug , he can do so till 31 March.
In such a case, the penalty to be levied would depend on the status of the tax to be paid.
If Income tax is already paid either as advance tax or TDS
If you have paid your taxes as advance tax or TDS ( Tax Deducted at Source)has already been deducted then, you don’t have worry to because you can file the tax returns before 31 March without paying a penalty.
Penalty: But if you miss the new deadline and file the return only after 31 March, the assessing officer may impose a penalty of Rs 5,000 for late filing of return. This amount may depend however depend on the discretion of the assessing officer.
So it is advisable not to delay filing your Tax Return and file it before 31st March.
If tax has not been paid or short paid
If you have not cleared the taxes due or you have short paid your Income tax then, you will have to pay a penalty at the rate of 1% per month for the period after 31 July. If the tax due is more than Rs 10,000, you are supposed to pay an advance tax on your income in three tranches. In such a case, the 1% penalty per month will be applicable from the period you have not paid the tranche.
Is E filing of Income tax Return Compulsory.
E-filing of tax return is compulsory for all tax payers whose taxable Income Exceeds Rs 5,00,000/- (5 lacs)
My employer has already deducted income tax , Am I still required to file income tax return?
Please note that Income tax return is required to be filed even if you are getting salary income and income tax is already deducted and your total income exceeds Rs 2,00,000/-