Individuals
can file their tax returns after the due date. However, one cannot file a
revised return. The due to file income tax returns for the assessment year
2015-16 and Financial Year 2014-15 was August 31, 2015. Now, if you have not
met that deadline, here are a few things that you should know.
1) If tax is paid No need to worry, in this case, as you can file the income tax return until March 31, 2017. Means that one can file an IT return of any financial year, till the completion of two years. However, a penalty will be levied for filing late, depending on the status of the tax payment.
1) If tax is paid No need to worry, in this case, as you can file the income tax return until March 31, 2017. Means that one can file an IT return of any financial year, till the completion of two years. However, a penalty will be levied for filing late, depending on the status of the tax payment.
2)
If tax is not paid. For those who have not paid the taxes there will be a
penalty of 1 per cent per month for the number of days or month after August
31. This is because Aug 31, was the cut-off date to file your tax returns.
3)
No interest on refund amount If you have filed your returns late you will not
receive any interest on the refund amount. Let's say as an example, if you had
only interest income and the bank cut a TDS of Rs 25,000, you can claim the
same back, by filing your returns. Now, if the IT authorities process the same
after Aug 31, you are not going to get any interest on the Rs 25,000, since you
have delayed filing your tax return.
4)
No carry forward losses Individuals who have filed tax returns late cannot
carry forward losses. Businessmen should note that facility to carry forward
short term loss is not available for late filers of income tax. If you file
your income tax returns on time the authorities allow you to set-off losses in
the subsequent year. This will not be allowed if there is a delay in filing tax
returns.
5)
Penalty for late filing If an individual is filing income tax return after the
assessment year, then there can be a penalty of Rs 5000.
