Why need to file tax returns before 31st march 2015?
If you are yet to file income-tax return for the previous financial year 2013-2014 (assessment year 2014-15), you still have a chance to do so by March 31. The return for income earned in the financial year ending on 31 March should ideally be filed by 31 July for non-business taxpayers. But if the taxpayer has missed the deadline in spite of having four months in hand, 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.
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 under section 271F . 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.
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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/- (Five lacs).
Who need to file tax returns before 31st march 2015?
In the following situations the Income Tax Act its mandatory for you to file an Income Tax Return in India for Financial Year 2013-14 ( Assessment Year 2014-15 ).
- You are a Company or a Firm – irrespective of whether you have Income or Loss
- You are a Person other than a Company or a Firm – when your Gross Total Income (Income before giving deductions under section 10A, 10B, 10BA, 80C to 80U) is more than the amount of minimum exempt income. Minimum Exempt Income is Rs 2,00,000. If you are a Senior Citizen (60 yrs or more at any time in the financial year) exemption limit is Rs 2,50,000 and if you are a Super Senior Citizen (80yrs or more at any time in the financial year) the limit is Rs 5,00,000.
- You are a Resident Indian and you have any asset or a financial interest in any entity which is located outside India or you are a signing authority in any account outside India – irrespective of whether you have taxable income or not. (this is not applicable to you if you are a NRI or a Resident but Not Ordinarily Resident).
- You are a person who is in receipt of income derived from property held under a trust for charitable or religious purposes OR A Political Party OR a research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any body, any authority or trust – when your Gross Total Income before deductions exceeds minimum amount not chargeable to tax.
Also Note:
Last deadline for financial year 2012-2013 : That Income tax return for financial year 2012-2013 (Assessment year 2013-2014) can be filed only till 31.03.2015. You will not be able to file your tax return post 31.03.2015.
It is advisable to file your tax return, even if your income is less then taxable limit of Rs 2 lacs. Income tax return are required be individuals at time of applying for loan etc.
File your Income Tax Return, if you have not filed your tax return. Relevant link for filing tax returns are given below:
Salary / NRI / Interest Income Return
Business / Professsional / Free lancers tax return