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  • How To File Income Tax Returns Post Deadline

    Regardless of what the reason is, failing to file the the Income tax returns with the Indian IT department will lead to some issues as a taxpayer for sure. This is mainly due to the fact that filing the tax returns should not be a problem considering that it can be done online, very conveniently. Furthermore, though you lose out some privileges in terms of filing your income tax and have to pay a penalty it still can be done. However, worry not, because there are simple solutions and ways to deal with it, if you have defaulted or failed to file your returns in time. The due date is considered as simply the following July 31, that falls after the Assessment Year ends in March.

    How To File Income Tax Return you are a Year or Two Late?

    Let's take it for granted that you have not filed your income tax returns for FY 2014-2014 failing the deadline you can still make the payments and file the returns within March 31, 2016. A belated return can be submitted prior t the assessment year end which in this case is March 31, 2017. However, everything comes with a price tag and income tax returns filing pst deadline is no exception.



    Financial Year

    Assessment Year

    Last Date for Filing Return

    Particulars

    2012-13 or before

    2013-14 or before

    You need to take permission to be able to file your income tax returns from the income tax department.

     

    2013-14

    2014-15

    Mar 31,2016

    • You are now liable to pay a penalty of Rs 5000.

    • Also a fee which is 1% of each month for tax due. Ex: 4% for 4 months due. .

    • You will not be permitted to revise the ITR, anymore

    • Your losses will not be carried forward to the next year.

    2014-15

    2015-16

    Mar 31,2016

    • A fee for delayed payment @ 1% for every month on the due amount.

    • You can't revise the ITR

    • Your losses will not be carried forward to the next year.

    2013-14

    2014-15

    Mar 31,2017

    • You are now liable to pay a penalty of Rs 5000.

    • Also a fee which is 1% of each month for tax due. Ex: 4% for 4 months due. .

    • You will not be permitted to revise the ITR, anymore

    • Your losses will not be carried forward to the next year.

    Filing ITR Post Due Date Process:

    There are two things that will be different when filing the tax returns past due date:

    1. Be very careful to ensure that the particulars are filled correctly since you cannot make changes in the ITR anymore.
    2. You will have to clearly mention about the delay and related details, wherever necessary.
    TAX
    Forms:
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