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Author Topic: Income Tax Return: Better late than never  (Read 1171 times)

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Offline suhanarai

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Income Tax Return: Better late than never
« on: March 25, 2015, 02:49:30 AM »
If you are yet to file income-tax return for the previous financial year (FY14/assessment year 2014-15), you still have a chance to do so by March 31. However, if you miss this deadline as well, the tax authorities could impose a fine of R5,000 on you.

If you owe tax, you need to pay a penal interest of 1% per month on the amount due even if you file the return by March 31. The penalty will be charged for every month of the delay since April 2014. Having missed the July 31 deadline last year, you will not be allowed to file a revised return if you make any mistake while filing it by March 31 this year. Also, you cannot carry forward losses when filing the return in March. Delayed filing also means delayed refunds. The earlier you file the return, the quicker you get refunds.

From the above discussion, itís obvious that the Income-Tax Act, 1961, provides for filing return after the due date, but there are certain points that need to be kept in mind. While the delayed return can be filed online, it has to be done within two years of the end of the financial year, or before completion of the assessment year, whichever is earlier.
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