Missed the deadline of Tax filling

Missed the deadline of filling Income Tax Return as the due date for filling the ITR for financial year 12-13 was 31^st July 2013 which extended by 5^th of Aug. 2013. If you have not filled you ITR within the above said dates still you can file ITR. As you are aware of the facts that due dates has been passed but still there is no bar on filling ITR. Now it will be filled under sec. 139(4) as late or belated ITR, and cheers for those who cleared their tax liability by TDS or by paying Advance Tax than on them only interest on u/s 234A will be levied for late filling as the tax due was already paid within the timeline. But those who had not cleared their tax liability will have to pay Interest u/s 234B and 234C as well with sec. 234A.

As far as an Income Tax assessee can file his/her ITR for A.Y.13-14 upto 31^st March 2014 with interest u/s 234A/B/C and up 31^st March 2014 with penalty of Rs. 5,000/-. However it is advisable file your ITR as soon as possible to avoid penal interest, as the interest levied u/s 234A/B/C is charged on monthly basis so before it reaches to sky.

Consequences of late filling

1.      Penal interest will be levied.

2.      Can not Revise their return of income

3.      If incurred any business or capital gain loss not allowed carry forward.

But still those who have not filled their ITR can push oneself and file ITR.

For query and feedback write to us @

manageyourtaxes.online@gmail.com 

 or can leave your precious comments on posts.