What to do If Missed the I-T Returns Deadline – July 31

Download Tax Saving Mutual Fund Application Forms

Invest In Tax Saving Mutual Funds Online

Buy Gold Mutual Funds

Leave a missed Call on

94 8300 8300

IT Returns Deadline July 31 Missed





Experts advise taxpayers not to postpone this process for another eight months.

Delayed filing could mean 1% penal interest on tax payable

 

Missed the deadline to file income tax returns on July 31? Don't feel dejected. You can still file the returns without paying any penalty . Yes, contrary to the perception of many tax payers, there's still enough time to file your returns until March 31, 2015. However, there will be some implications. In fact, tax payers are allowed to file belated returns for two preceding financial years, even after the deadline. That is, if you have missed the deadline this time, you can complete the process by March 31, 2016, but you might have to pay a penalty of ` . 5,000 if you file returns after March 31, 2015.

However, if taxpayers are able to demonstrate that they have a reasonable cause for the failure to file tax returns during the assessment year (before March 31, 2015), they can make a case for non-levy of penalty.

But it might not be a great idea to postpone the process for another eight months. It is best to complete the exercise as soon as possible, as you will have to pay a penal interest of 1% on the income tax payable, if any, for every month of delay. Besides, timely filing will also result in quicker processing of refunds due to you.

Understand the Implications The penal interest apart, you may also face some restrictions in terms of claiming benefits. Many a time, tax-payers make mistakes while filing returns and notice the errors much later. In such cases, the cushion to file revised returns helps. However, this won't be the case if you miss the deadline. You are not al lowed to file a revised return if you complete the process after July 31.

Moreover, if you fail to file returns before the due date, you will have to forgo the benefit of carrying forward losses incurred under the head `Capital Gains' and `Business Losses (other than depreciation loss)'.

It is imperative for any person who has sustained losses as per his tax computation in the current year to file his tax return within the time stipulated due date.

Delayed filing of return could also mean having to let go of interest due on tax refund, if any , from the income tax department.

Tread Cautiously If you are filing the returns after July 31, you need to take extra care to ensure your return is error-free. Unlike in the case of filing it on time, you will not get an opportunity to rectify your mistakes later.

Therefore, before you get started on the process, gather all the relevant documents like Form-16, bank statements, receipts issued by non-government organisations (NGO) or political parties to whom you may have donated money and last year's return. This will help you verify all the details you would be entering in your income tax return form. You need to run a check over your bank account details in particular, as refunds will be credited to this account.

The I-T department has done away with the practice of issuing cheques this year.

Finally , if possible, get your return ratified by a tax consultant before submitting it.

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

Leave a missed Call on 94 8300 8300

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

Invest Any Mutual Fund Online

Download Mutual Fund Application Forms from all AMCs

Download Mutual Any 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. Franklin India Bluechip
4. ICICI Prudential Top 100 Fund

B. Large and Midcap Funds Invest Online

1. ICICI Prudential Dynamic Plan
2. HDFC Top 200 Fund
3. UTI Dividend Yield Fund
4. Birla Sun Life Front Line Equity Fund
5. Franklin India Prima

C. 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
5. Birla Sun Life Dividend Yield Plus
6. SBI Emerging Businesses Fund
7. HDFC Mid-Cap Opportunities Fund
8. ICICI Prudential Discovery Fund

D. Small and MicroCap Funds Invest Online

1. DSP BlackRock MicroCap Fund
2. Franklin India Smaller Companies

E. Sector Funds Invest Online

1. Reliance Banking Fund
2. Reliance Banking Fund
3. ICICI Prudential Banking and Financial Services Fund

F. Tax Saver Mutual Funds Invest Online

1. ICICI Prudential Tax Plan

2. HDFC Taxsaver

3. DSP BlackRock Tax Saver Fund
4. Reliance Tax Saver (ELSS) Fund

G. Gold Mutual Funds Invest Online

1. Relaince Gold Savings Fund
2. ICICI Prudential Regular Gold Savings Fund
3. HDFC Gold Fund
4. Birla Sun Life Gold

H. International funds Invest Online

1. Birla Sun Life International Equity Plan A

2. DSP BlackRock US Flexible Equity

3. FT India Feeder Franklin US Opportunities

4. ICICI Prudential US Bluechip Equity

5. Motilal Oswal MOSt Shares NASDAQ-100 ETF