Income tax returns filing after Due date

If you miss the filing income tax returns this year?  Still you can file your income tax returns.

As per CBDT, due dates for filing of income tax returns for assess who are required to audit their account under income tax act is September 30.

For all others assess ( the assess who will have income from Salary, Interest, House property, Capital gains, Pension )  due date for filing  income tax returns is July 31st of the corresponding assessment year. (This has been extended to 4th August for the assessment year 2010-11.).

Assess who are not liable to audit their accounts under income tax act can file income tax returns with in assessment year without any penalty. That is if you would like to file income tax returns for the assessment year 2010-2011 (Income earned in financial year 2009-2010), you can file your income tax returns before 31st March 2011 without any penalty, before 31st March 2012 with Rs 5000 penalty.

What difference does it matter to file income tax returns before or after Due date:-

As per Indian Income tax Act, the following loses cannot be forwarded to subsequent assessment year if you did not file your income tax return before due date.

  1. Capital Loss
  2. Loss from business / Profession

You are subject to pay Interest on Total Income tax due u/s 234A at the rate of 1% for every Rs 100 per month. That is Remaining tax liability is 0, then you need not require to pay Interest.

Related posts:

  1. Last Date for submission of Signed ITRV ( Income Tax Returns Acknowledgement )
  2. Filing income Tax returns online
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