Skip to main content

File tax return by due date even if it’s incomplete

Buy Gold Mutual Funds

Invest Mutual Funds Online

Download Tax Saving Mutual Fund Application Forms

Call 0 94 8300 8300 (India)

You can always modify your return if you file it before the deadline and will not lose out on several benefits



While the tax filing deadline has been extended by a month, many taxpayers may still miss it. Some won't bother because all their taxes have been paid and they only have to file their return. Since this can be done till the end of the relevant assessment year (31 March 2013) without incurring any penalty, they can take it easy. Others will miss the last date because they don't have all the details required in the tax form. However, this may not be a wise move.


If you don't file by the due date, you forego some of your rights as a taxpayer. For instance, if you file your return by the due date, you are allowed to modify it any number of times till the time of assessment. If you file it after the due date, you cannot revise it. This can be a costly error because if there is some miscalculation in your tax liability, you won't be allowed to rectify the mistake. This is not such a big problem if you have missed out on some deduction for which you were eligible. All you stand to lose is a few thousand rupees you paid in excess tax.


What happens if you underestimate your tax liability because of a miscalculation, say, forgetting to include income from other sources? You can revise your return only if you adhere to the filing deadline. There is no penalty for voluntarily filing a revised return, but there could be a hefty one for under-reporting your income.


Carry Forward Losses


There are other benefits that you stand to lose if you miss the deadline. Income tax laws allow you to carry forward some of your losses for up to eight financial years. These losses can be set off against capital gains made in the future. However, you won't be eligible for this benefit if you don't file by the due date. The exception is in case of a house property. The loss incurred by selling a house can be carried forward to subsequent financial years even if the return has not been filed by the due date.


Are You Exempt From Filing?


There are many taxpayers who are under the impression that they are exempt from filing returns because their annual income is less than 5 lakh. This exemption comes with several conditions. It is only for salaried taxpayers who have income from one employer and bank interest. If you changed jobs during the year, or have some fixed deposits, capital gains and rental income, you will have to file your return.


Besides, the taxpayer is not eligible for exemption if the income from savings bank interest exceeds 10,000. Also, the individual should have reported the entire income, from bank interest to his employer, and tax should have been deducted on it and mentioned in Form 16.

If you have doubts, it is best to be on the safe side and file your return. It doesn't require too much effort but you stand to gain a lot. For one, your return is a declaration of your income and will come handy when you seek a loan for a vehicle or a house. It is also useful because foreign countries don't want potential immigrants and insist on seeing your tax return before issuing a visa.


Filing tax return is especially important if you intend to buy property. In most states, registration of immovable property requires one to produce tax returns for the past three years.


File Now, Modify Later


If you have not filed your return till now, get going right away. Even if you don't have full details, file the original return before 31 August so that you don't lose out on the benefits mentioned earlier. You can then file a revised return later with all the missing details. Keep in mind that you can file a revised return only if the assessment has not been completed. To ensure this, it is best to file online. Your online return doesn't get processed till you send the ITR V to the Central Processing Centre in Bangalore. You can do this within 120 days from the day of filing the return. This means that you will have enough time to gather all the documents and details, and file a revised return

Happy Investing!!

 

We can help. Call 0 94 8300 8300 (India)

 

Leave your comment with mail ID and we will answer them

                                                OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

---------------------------------------------

Invest Mutual Funds Online

Transact Mutual Fund Online

Download Mutual Fund Application Forms from all AMCs

Download Mutual Fund Application Forms

Best Performing Mutual Funds

    1. Largecap Funds        Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Birla Sun Life Front Line Equity Fund
    2. Large and Midcap Funds     Invest Online
      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
    1. Mid and SmallCap Funds    Invest Online
      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
    1. Small and MicroCap Funds             Invest Online
      1. DSP BlackRock MicroCap Fund
    1. Sector Funds              Invest Online
      1. Reliance Banking Fund
      2. Reliance Banking Fund
    1. Gold Mutual Funds             Invest Online
      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund

 

Popular posts from this blog

Mutual Fund Review: Taurus Tax Shield

    Taurus Tax Shield has seen a turnaround in performance since 2007, but still remains a volatile offering… The fund has seen a turnaround in its performance since 2007 and has delivered impressively during market rallies since then. The portfolio is also more diversified. It contained its downfall to an average level in 2008 but is still one of the most volatile offerings in this category. Bold investors can look at this fund.   Strategy The fund manager invests across the market capitalisation and sectors. The selection of stocks is made on the basis of long-term business prospects and value creation. Fund Insight Launched in March 1996, the fund was a laggard with just two annual outperformances. Concentrated stock bets and high exposure to mid and small caps led to it being hit harder during market downturns. The number of stocks in the portfolio never exceeded 20 and it was not rare to see the top 5 holdings account for around 60 per cent of the portfolio. After b...

Use Mutual Fund SWPs for getting fixed payments

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India)   Investors time withdrawals optimally to save on tax The systematic withdrawal plan, or SWP, could be called the lesser known cousin of the much talked about and publicised systematic investment plan (SIP). There's yet another cousin — the Systematic Transfer Plan ( STP ). In SIP, you invest a fixed sum of money at regular intervals (monthly/ quarterly) to buy some units of a mutual fund scheme. In SWP, as the name suggests, you do the opposite: You redeem some mutual fund units from your portfolio to get a fixed sum of money at regular intervals (monthly/quarterly/half year/yearly). In SIP, you get a higher numbers of units when the markets are down, and lesser in a buoyant market. In SWP, going by the product logic, you redeem higher number of units when the markets are do...

AXIS Long Term Equity Fund - The Best Tax Saver Fund for 2016

  AXIS Long Term Equity Fund - Invest Online   History:   The open ended mutual fund was launched on December 21 in the year 2009. It is benchmarked against BSE 200 and managed by the fund manager JINESH GOPANI. Initially the scheme was called as Axis tax saver fund but later it was renamed as Axis long term equity fund with effect from September 2, 2011. Nature of investment: As far as asset allocation is concerned, 97.52% of the stocks are equity and 0.02% is debt based. The primary focus of the fund is to invest in diversified equity stocks that have higher growth potential. Total asset size of the fund is in the tune of 4,996 CRORE as of June 30, 2015. Performance: The performance of the fund for one year, 3 years and 5 years are 23.6%, 29.9% and 19.1 respectively which are far greater than 6.4%, 14% and 5.6% benchmark figures. It has also preformed fairly well against SBI magnum Tax Gain (G) and HDFC tax saver (G). The growth comparison is enumerated below;                        ...

IDFC Classic Equity Fund

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India)   IDFC Classic Equity Fund IDFC Classic Equity is a large-cap equity fund which currently has assets under management worth Rs. 158.52 crore. It was launched in August 2005. The fund is benchmarked against the BSE-200 Index. Performance YTD 1-Year 3-Year 5-Year Since Inception IDFC Classic Equity 0.93 26.61 6.30 1.01 11.65 BSE 200 1.52 17.31 6.00 1.99 12.98 All figures in % as on January 31, 2013; Returns above one-year in CAGR terms ...

Health insurance guide - Part I

Insurance, by definition, is morbid. What if I die suddenly? What if my home caught fire? What if I had to undergo expensive medical treatment? What if something that I thought happened only to others befell me? Insurers, who work with large samples, calculate the probability of such an event and, hence, the possibility of them having to pay out a sum of money to mitigate, to the extent possible, the effects of that disaster. However, the possibility of you undergoing some kind of expensive medical treatment during your lifetime is far more likely than you dying suddenly or your house burning down. Given that costs at private healthcare facilities, where you are most likely to land up, is high, and, doubling every four years 10 months or so, the rest of your money life could easily go out of whack if you had to incur such expenses. Just 12 per cent of India's population is covered with some sort of health insurance. Pared to the bone, for a comparatively small price, health insu...
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now