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Missed filing of tax returns; here's what you need to do

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Missed filing of tax returns; here's what you need to do
In case you as a salaried or non-auditable taxpayer class have missed the deadline for filing of income tax return for the financial year 2012-13, there is still a way out for you of belated filing of tax return.
 

The Income Tax Department of India allows taxpayers to file their return anytime before the completion of two years from the end of the concerned financial year in which the income was realized. With this provision, individuals can file their tax returns for the income earned during the financial year 2012-2013 latest by 31st March' 2015.

However, in the case of belated return filing, taxpayer is not allowed to revise income tax returns in the event of any discrepancy. Also, rights pertaining to carry forward of losses is not available to the taxpayer for future set-off .

Penalty and Interest levied for late filing:

The department of income tax charges interest and also penalty in certain cases. The interest is charged @ 1% on a monthly basis on the unpaid tax amount. Penalty, however, is imposed considering the tax status of the taxpayer.

1. In case of no outstanding tax dues: If the taxpayer has already paid his taxes before the due date and files belated return before the end of the relevant assessment year, the authorities do not levy any penalty or interest. However, if the deadline for income tax return filing is further pushed beyond, the authorities may levy penalty at their discretion of Rs. 5,000.

2. In case tax is not paid: If the taxpayer has not cleared his tax dues, there arises some financial implications. The basic principle however remains the same and the taxpayer is charged an interest @ 1% per month on net tax payable amount.

Another case:

In case of any tax refund also, taxpayers are allowed to file the return after the deadline. However, as the return would be processed at a later time, refund process would eventually get delayed. Also, you would not be able to rectify returns, in case you need to.

 

Thus, tax authorities do allow taxpayers to file income tax returns after the due date but with several major disadvantages.

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