As you may know that Last Date for filing
Income Tax return was 31.07.2013 (A.Y. 2013-14) but you can still file
your Income Tax Return by 31.03.2014 (Know How)
The last date for filing of Income Tax
return for the Financial Year 2012-13 (Assessment Year 2013-14) was 31st
July 2013. One should file its return before this date.
But “AAM
AADMI” (an layman) don't know that the income-tax (I-T) department
allows you to file your returns even after the July 31 deadline expires
you can file till March 31, 2014 with some restrictions if one misses the deadline :
1) YOU CAN'T REVISE RETURNS :
If
you miss the deadline, you will not be able to revise your returns. But
if you file your returns by this deadline and later realize that you
need to revise your returns, you get time till two years from the end of
financial year or assessment year, whichever is earlier.
2) YOU CAN'T CARRY FORWARD LOSSES :
As
per Income Tax rules permit you to carry forward losses to the next
assessment year. But you can't do so if you miss the deadline.
3) PAY EXTRA TAX / INTEREST :-
· Where return of income is filed after the due date, interest u/s 234A will be payable.
· But
if there is already tax has been deducted from the income of the
assessee or advance tax has been paid by the assessee and there remains
no tax to be paid after such T.D.S or advance tax then no interest is
levied u/s 234A for filing the return after the due date.
So no need to panic if you miss the 31st July Deadline, you can still file your returns on or before 31st March 2014 (for. Financial Year 2012-13) i.e.. Assessment Year 2013-14.
:-)