sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
General »
 Where to invest money for the short term
 Statistics ministry seeks GST data to improve national accounts
 Country of residence may tax you on global income
 Country of residence may tax you on global income
 SC denies income tax exemption to local authority
 Composition Dealers need not furnish data in serial number 4A of Table 4 of FORM GSTR-4
 I-T Dept may probe tax evasion through F&O trades
 IL&FS crisis: ICAI seeks explanation from audit firms
 Arun Jaitley pushes for more tax filing in FY19
 Are you filing Income Tax Return (ITR)? This is where you are trapped! Know what is Form 16 , Form 16A, Form 26AS, TDS statement
 Officials handling GST can assess all No centre-state wall

No changes allowed in tax return if filed post deadline
January, 24th 2013

As per section 139(1) of the Income-tax Act, it is mandatory for an individual whose total income exceeds the basic income exemption limit to file his personal tax return within the applicable due date. The specified date is 30 September in case your accounts are required to be audited under any law or 31 July in any other case.

The tax return filed after the specified date is considered as a belated return. The specified time frame for filing a belated tax return is either before the expiry of two years from the end of the relevant fiscal or before the completion of assessment, whichever is earlier.

As stated above, you have missed the deadline for filing the tax return for FY12 (year ended 31 March 2012). Accordingly, you can now file the belated return for that year by 31 March 2014 or before completion of assessment if your return is picked up for scrutiny, whichever is earlier.

Please note that there will be certain limitations. You cannot revise the return even if you discover an omission or misstatement in the belated return filed. Also, the losses incurred in the respective fiscal (except for house property loss and business loss on account of unabsorbed depreciation and capital expenditure on scientific research) can’t be carried forward to subsequent fiscals for off-setting against corresponding income streams.

You will also be liable to pay interest under section 234A of the Act for default in filing the tax return within the specified due date. However, if the entire tax has been deducted from your income or advance tax has been paid before 31 March 2012, then the aforesaid interest shall not be applicable. In case any taxes are payable, there may be additional interest payable under section 234B of the Act from 1 April 2012 till the month of payment of taxes in certain circumstances.

Further, the tax officer, at his discretion, may levy a penalty of Rs.5,000 for non-filing of returns within the specified due date if the said return is not filed within one year from the end of the relevant fiscal—31 March 2013.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions