Due date for filing income tax return and Impact of late filing of Income tax return

Due date of filing of income tax return for Assessment Year 2012-13, Financial year 2011-12 is as under

1) Non Audit cases: In case of person who are not liable to get their accounts audited is 31.08.2012 .
2) Audit cases: In case of person who’s accounts are liable to be audited under any law is 30.09.2012 and partner of such firms and all companies.

Following are Non-audit cases:

1) Income from Salary and pension,
2) Income from other source like interest income ,
3) Income from capital gain ,
4) Income from house property and
5) Income from person owning small business and not liable to get their accounts audited are covered.

What is impact if you don’t file return before due date:

1) If your tax is fully deducted

2) If no loss is required to be carried forward

and you, if you missed filing return on or before due date then you can fill tax return on or before 31st march,2013.  

Which returns are compulsory required to filed on or before due date?

Following returns are required to be compulsory required to be filed before 31st August / or 30th Sep, as the case may be

1) Carry forward of  loss: if there is any loss on account of share trading, Business loss -on depreciation and capital expenditure, loss on house property, speculation loss, etc, you are require to file tax return before due date, other wise you will not be able to carry forward the loss to next year.

2) Interest on tax due : If any tax is due on your return after deducting advance tax ,TDS and self assessment tax than interest Interest u/s 234A will be applicable @1% per month and part thereof up to the date of filing of the return besides interest applicable u/s 234B or 234C.

3) Revised return : if you file return after due date you will  not be able to revise your return, in case you find some errors or miss something. However, if you failed to file return in time then you can revise your income tax return  u/s154 which is lenghty process.

4) Due date of income tax return is related to TDS deposit and disallowance u/s 40a(ia).

5) In case of Capital gain and sale of house property / or assets , Benefit under  u/s 54, 54B, 54F and  capital gain saving account deposit scheme is impacted.

6) Some of deduction under section 80 are not available for late return.

What is Impact if you miss 31st march,2013 date:

If you miss filing return on or before 31st march 2013, then Income tax officer can levy penalty upto Rs 5000/-  (Section 271F). Levy of penalty  is however at discretion of income tax officer . He will give you chance to present your case why, you are filing tax return. If there is valid reason , he will forego the penalty.


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