Late filing of Income tax Return after 31.07.2014

Filing tax return after last date
Last date of Income Tax Return

Due date for filing tax return was 31.07.2014 ( 31 st July ) for all Individuals getting salary and running their own business or profession or working as free lancer.

Due date for assessee who are required to get their books audited, the last date for filing return is 30th September.

But , question is can you still file your tax return.

Answer, is Yes, You can still file your tax return. In fact you can file your tax return till 31st march 2015.

Que:  Is Penalty payable on late filing of Tax Return?

Reply: No, Penalty is not payable.

Que: Is any Interest payable for late filing of tax Return?

Reply: Interest under section 234A, 234B and 234C is payable only if extra tax is required to be paid .

If no tax is payable or for assessee for whom TDS is already deducted / or he has already paid advance tax or self assessment tax then no interest is payable, on late filing of Tax Return.

Que: I have loss in sales of shares , can i file late return?

Reply: Yes you can file late return. But however , you will not be entitled for carry forward of loss to next year. You should have filed return by 31.07.2014.

All assessee who has incurred loss, he should have filed return before 31.07. If you have not filed return before the due date (ie 31.07.2014), you are not entitled to carry forward loss to next year.

Que: I have heard that if return is not filed before due date (31.07.2014) , then I can not claim interest on House property?

Reply: This is wrong statement, even if return is filed late then you can take benefit of housing loan interest.

Que: I filed return after due date and have noticed that i have filed wrong return . Can i file revise Return?

Reply: You cannot file revise return if return is filed late.

Que: I have not yet filed income tax return, i have lot of queries on how to file Return and Gift given by my mother in law. Can you please help?

Ans: Sure , please visit Income Tax Expert Guide to get your answer: We have been replying to lots of tax payers calculations

Income Tax of Gifts


One response to “Late filing of Income tax Return after 31.07.2014”