If you file your income tax return after the due date then you cannot revise the return as the return filed after the due date is considered as a belated return.
Due dates for the assessment year 2014-15
1. Due date for Salaried individuals: July 31, 2014.
2. Due date for businessman aggregate turnover/annual receipt of Rs 100 lakh: September 30, 2014.
3. Due date for professionals aggregate turnover/annual receipt of Rs. 25 lakh: September 30, 2014.
Disadvantages of filing belated return
1. Taxpayers can carry forward and set off losses like loss from business and loss under capital gains head. These losses are not carried forward if tax is filed after the due date.
2. Taxpayers are eligible for interest on tax refund from 1st April of the assessment year. If you delay in filing the tax then interest will not be paid for the period of 1st April to the belated return date.
Click here to know 6 things you must note before mailing the ITRV to the Income Tax Department.
How the delay in filing return becomes costly for you?
1. Interest is not paid for the period of 1st April to the date of filing delayed return.
2. Penal interest has to be paid by the taxpayers if he/she fails to pay tax within the due date.
3. If the taxpayer files the tax after March 31, 2014 but before March 31, 2016 then he/she can be levied a penalty of Rs 5000 by the Assessing Officer under section 217F.
4. If the return is filed after March 31, 2016, then the return will be considered as invalid.
Taxpayers with nil tax liability may file the return before the end of the assessment year. Interest or penal interest will be not levied on such taxpayers. However, it is best if you file your return within the due date as in case you make any mistake you can rectify it later.