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Filing the Tax Return For Salaried Individuals 2014

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Filing the Tax Return For Salaried Individuals 2014

July 31: Due Date for Filing the Tax Return For Salaried Individuals

Note that you can file income tax return even after the due date. Such returns are called belated returns. However, there are some disadvantages of filing a belated income tax return:

  • You cannot carry forward the losses incurred during the head under 'Capital Gains' or 'Profits and Gains of Business or Profession'
  • You cannot revise such return later
  • You may have to pay interest under section 234A @ 1% per month (or part thereof) of delay in filing the return. Such penal interest is computed on the amount of income tax due as on the first day of the assessment year. Therefore, if you did not have any outstanding tax liability as on that date then the amount of penal interest under section 234A will be Nil.
  • If you are claiming a refund and you are eligible to receive interest on your refund then you are not eligible to receive interest on the period of delay.
  • If you file the return a year after the end of the financial year, the income tax officer can levy a penalty up to Rs. 5,000 for the delay.
  • In any case, a belated return cannot be filed after 2 years from the end of the relevant financial year.

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