Missed the due date – You can still file your income tax return

File your income tax return after the due dateMost of us missed the deadlines of filling income tax return every year due their busy schedule or lack of time or for some other reasons. Tax due date for the financial year ending 31st march 2013 (FY 2012-2013) was 31st July 2013 which has been extended by CBDT till 5th of august 2013. In case you have missed both, then do not worry, you still have time to file your tax return or ITR. But filling of such return will be treated as belated return and not the original return that you could have filled before the due date.

For the financial year ending 31st march 2103 you still have time up to 31st march 2014 to file your ITR without penalty. With penalty you can file it within 31st march 2014 to 31st march 2015. But filling your ITR after 31st march 2104 and before 31st March 2015 will be charged with a penalty amount of Rs. 5000. However such penalty amount can be charged by the assessing officer if he wants to charge. In most of the cases such penalty amounts are not charged.

You can file your ITR before 31st march 2014 without any penalty but how about if you have not paid your income tax dues yet. Please remember, if you have not paid your tax dues yet then you have to be ready with a penal interest of 1% (simple interest) for every month or part of the month starting from the due date of filling IT return till the date of filling. While deriving the tax liability to be paid at the end of financial year you need to make sure that you have taken out all the TDS or advance tax paid by you from your tax liability calculated. In case, if you have not remembered your advance tax paid then you can check such things by viewing form 26AS online.

ITR can be filled within 2 years from the end of the financial year. So before 31st march 2014 you can file your ITR related to financial year 2011-2012 (assessment year 2012-2013) and 2012-2013 (assessment year 2013-2014). After the end of 2 years from the end of financial year you cannot file your ITR.

In addition to all of the above penal provisions you cannot revise your ITR if you have filled your IT return after the due date i.e. 5th august 2013 forthe financial year 2012-2013. You should make sure that no mistakes are done while filling your IT return after the due date as such mistakes cannot be rectified. If you file your ITR on or before the due date of filling then such IT returns can be revised number of times based on your requirement.

Losses of current year cannot be carried forward to the subsequent year if you file a belated return (i.e. after the due date of filling your IT return). Only depreciation losses are allowed to be carried forwarded. If you have a loss during the financial year then you need to make sure that the IT return has been filled before the due date of income tax return filling.

Editorial Staff at Yourfinancebook is a team of finance professionals. The team has more than a decade experience in taxation and personal finance.