A Ready Reckoner for Late Income Tax Return filing:
Important tax return filing dates for the Assessment Year 2013-14 (Financial Year 2012-13)
- July 31: Due date for filing tax returns
- August 5: Extended due date
- March 31, 2014: Last date for filing returns without the penalty of Rs. 5000. However penal interest of 1% per month of delay will be levied on taxes due, if any.
- March 31, 2015: Last date for filing with penalty of upto Rs.5,000
If you have missed the August 5 deadline for filing tax returns, you can still do so. However, bear following implications in mind:
- If you owe any taxes at the time of filing return, you will be charged a panel interest of 1% for every month of delay;
- While tax return for the financial year 2012-13 can be filed up to March 31, 2015, you will have to pay a penalty of upto Rs.5,000 if it is filed after March 31, 2014.
- You will not be able to file a revised return in case you have committed mistake while filing the original one.
- You will not be allowed to carry forward any losses incurred under the head Capital Gains and ‘Business Losses’ (other than depreciation loss).
- If you are entitled to interest on tax refund, if any, you may have to forgo the interest for the period of delay.