How To File Income Tax Returns After The Due Date?

Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    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.

    How To File Income Tax Returns After The Due Date?
     

    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. 

    6) Individuals who have missed the deadline cannot alter his tax return if it has been filed after the due date

    Individuals who have only salary income, there is no complication in computing taxes and individuals should not worry of filing tax returns late.

    Note that once the return is filed, the acknowledgment form should be sent to CPC department within 120 days of filing. Individuals can avoid sending to CPC by linking their aadhaar card to PAN card.

    The procedure is same for filing returns before and after due date. However, one can mention the same and pay penalty if applicable. Click to know how to e-file your Tax Returns quickly.

    GoodReturns.in

    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more