Not filed Your IT Return? File it now. CA Sandeep Kanoi. Not filing a return on time does have financial implications, especially if you have a net income tax payable and / or if you have losses to be carried forward. This can really hurt especially if the losses to be carried forward are significant. Therefore, your best option is to ensure that you file the income tax return by the deadline. Individuals primarily with salary income and certain other tax payers were required to file their tax returns by 3. July, 2. 01. 4 for the financial year 2. Belated tax return : -As per the provisions of the Income Tax Act, 1. Act’), a tax payer who has not filed his tax returns within the due date or as per the time specified under a notice issued to him by tax authorities, may do so for a financial year before the expiry of one year from the end of relevant assessment year or before the completion of assessment, whichever is earlier. Thus, in case a tax payer has missed his due date of filing his returns by 3. July, 2. 01. 4 —for the financial year 2. March 3. 1, 2. 01. Refer to this step by step process to file your tax return. Visit our website. Prepare your income tax return using the e-file software selected from our website.There are years when you are not required to file a tax return but may want to. If you have federal taxes withheld from your paycheck, the only way you can receive a. CA Sandeep Kanoi. Not filing a return on time does have financial implications, especially if you have a net income tax payable and / or if you have losses to be. Penalty for non- filing: -If a tax payer fails to file his returns before the end of the relevant assessment year, then tax authorities may impose a penalty of Rs. Therefore, it would be prudent for the tax payer who has missed the deadline to file his returns latest by March 3. Revised returns: -Furthermore, there may also be instances where returns have been filed by the due date and subsequently, the tax payer finds some error in the same. In such an event, he may file revised returns any time before expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. Defective returns: -It is also possible that certain errors are observed by the tax department in the filing. Thus, where such authorities consider that returns of income are defective, they may intimate the anomaly to the tax payer and give him a chance to rectify it within 1. If the tax payer fails to right the wrong, then the returns filed by him shall be treated as invalid and the provisions of the Act shall apply as he has failed to file his tax returns. As per Income Tax Department of India : “A tax return may be furnished any time before the expiry of two years from the end of the financial year in which the income was earned’. This means that if you earned your income during FY 2. March, 2. 01. 6 †. But there are some disadvantages if you don’t file your returns on time .  They are. You will not be able to carry forward your Business loss (Speculation or otherwise) , capital loss , loss due to owning and maintaining of race horses. Loss of Interest on refund : You may loose interest on refund u/s 2. A specially in case if you are claiming a Major amount as refund. You cannot revise your return. Incremental Interest U/s. A – If the tax has not been paid before the end of the tax year concerned and you file the return late, incremental interest at the rate of 1% per month will be payable on the unpaid amount after the due date. This is in addition to the 1% per month interest for non- payment of advance tax, that is, tax due after tax deduction at source exceeding Rs 1. Thus, late returns can result in an additional interest burden.(Republished with Amendments). Does Everyone Need to File an Income Tax Return? All taxpayers are eligible to claim a standard deduction, and if not the dependent of another taxpayer, then one exemption as well. The standard tax deduction and exemption amounts are fixed by the government before the tax filing season and generally increase for inflation each year. Since your income that is equal to or less than the sum of the exemption and standard deduction is not taxable, the IRS doesn't require you to file a return in years your income doesn't exceed that sum. When determining whether you need to file a return, you don't include tax- exempt income. In 2. 01. 5 for example, if you are under age 6.
How to file IT returns? What is form 16? Check out expert advise on how to file income tax returns, when to file IT returns and the complete procedure of filing. Answers others found helpful. Forms needed to file Pennsylvania Personal Income Tax; What do I need to know to file a nonresident income tax return? Do I Need to File a Tax Return? This interview will help you determine if you are required to file a federal tax return or if you should file to receive a.
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