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)

Aug

7

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.

It is Also Very Important to note that a penalty of Rs 5000 may be imposed u/s 271F if the return of income is not filed within the end of the relevant assessment year. e.g. such penalty is imposable if return for Assessment Year 2013-14 is not filed by 31st March 2014. 

So no need to panic if you miss the 31st July Deadline, you can still file your returns on or before 31^st March 2014 (for. Financial Year 2012-13) i.e.. Assessment Year 2013-14.

:-)