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.
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.