Still in a dilemma whether you are required to file your income tax return by August 31 or not?
Lack of awareness among the taxpayers is one of the main reasons for low level of compliance towards tax laws.
Due date is closing in and taxpayers shall pay tax and file their return well in time to avoid any interest or penalties.
In case you fall in any of these categories then you need to file your income tax returns on or before August 31, 2015:
- Individual having income from salary or pension
- Income from other source like interest income
- Income from capital gains
- Income from house property
- Income from people owning small business and not liable to get their accounts audited
- Assessee other than companies having a gross turnover under Rs 1 crore
- Professional having gross receipts below Rs 25 lakh
If taxpayers, for any reason, fail to file their return by the due date then they have the option to file their return by March 31 of the Assessment Year (which will be March 31, 2016). However, in such case taxpayer will not be able to revise return of income if any mistakes or errors in the return of income are found.
In addition, interest shall be paid if any tax payable is due till you actually file the return. So, to avoid any interest and penalty, you must file your return within due date.
If you fail to file return by the due date then you:
- Cannot modify your tax return
- Cannot carry forward any short-term or long-term losses
- Assessing Officer may impose penalty up to Rs 5000 under section 271F
- Interest under section 234A @ 1 per cent per month is applicable on net outstanding tax due amount
It is always advisable that even if you do not have the full and exact details, you must file your income tax return within the due date so that you don't lose the option to revise your return. In this regard, it is to be noted that the revised return can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier.
So, rush to file your return to avail the benefits of filing return within due date!
Illustration: Uttam Ghosh/Rediff.com
Earlier in the series:
8 ways filing income tax return is different this year
8 steps to file income tax return without Form 16
Understand Form 16 before e-filing your income tax return
10 things to know before filing tax return
5 things you should not hide from the Income Tax Department
Understand Form 16 before e-filing your income tax return
