Impact of Missing deadline and filing Late Income Tax Return

late Income tax Return

Missed the due date of Filing Income Tax Return

For Year ending Mar 13, Income tax return filing due date was 31 st July. Due to heavy load on income tax efilling site the last date was extended to 05.08.2013.

Still there are some of us who have missed the deadline of 05th August 2013. What is the impact of late filing of income tax return , is there any penalty for filing late return, is there any interest on late filing of income tax return, in this article we are answering the FAQ on impact of late filing income tax return.

In case you miss 05.08.2013, for year ending mar 13 (ie Assessment year 2013-2014) then you can still file income tax return by 31.03.2015.

Case A) If you file income tax return by 31.03.2014 :  

1) Penalty: Then there is no penalty for late filing of income tax return

2) Interest for late filing : No interest is payable in case there is no tax due.

However, If there is any income tax due, then interest under section 234 A is payable for late filing of tax return.

Case B) If you file income tax return by 31.03.2015

Impact is given below:

1) Penalty: Then there is penalty of Rs 5000/- for late filing of income tax return.

2) Interest for late filing : No interest is payable in case there is no tax due.

However, If there is any income tax due, then interest under section 234 A @ 1% is payable for late filing of tax return till the date of filing income tax return.

This interest will be in addition to the 1 percent per month interest on non-payment of advance tax (for amount due after calculating TDS, amounting to over Rs 10,000).

Other Impact of missing the due date of 05.08.2013

1) Loss cannot be carried forward: if there is any capital loss, the loss cannot be carried forward. However house property loss and business loss on account of unabsorbed depreciation and capital expenditure on scientific research can still be carried forward to be set off against income of next year.

2) If there was any refund due: Then your refund will be processed late, resulting in loss of interest for yourself.

3) Revision of return is not possible: If you file your return after 05.08.2013, and later you find any mistake in your income tax return then you will not be able to revise the Income return.

 

Mukul Gupta

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One Response to Impact of Missing deadline and filing Late Income Tax Return

  1. Pingback: Five rare benefits of filing regular 'Income Tax Returns' | TaxDost.com

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