Interest Liability Arises If return is not filed in time i. No Carry Forward of Losses In case there is loss to assesse under heads like business loss, loss from house property or capital gain short term or long term then such loss cannot be carried forward to next year for set off against the gains of succeeding years from same head.
No Revision of Return In case of late filing if any mistake occurs in filling data in the return, then there is no option to rectify the same by filing a revised return. Right to revise the return ceases if the return is filed late. However if return is filed before due date then the returns can be revised as many times needed before completion of assessment.
Penalty If an individual does not file his return at all, then, there is a possibility that the Income Tax Department may send a notice for non filing of return along with a penalty notice of Rs. If a person is carrying on business and is liable to audit, then in his case the penalty is Rs. Prosecution can also be done. If the assessment year for previous financial year is complete and a person wants to file his return for that previous year then, he can do so but only after paying a penalty of Rs.
And this penalty is irrespective of the fact that the tax due from your side may be nil. Delay In Refund If the return is filed late and there is refund due, then the refund process is bound to get delayed. Benefits Of Filing In Time In fact there is no need to explain anything about benefits as the consequences mentioned above once avoided by filing before due date will itself turnout to be the biggest benefits.
All the consequences were related to late filing except for point 4, with regard to penalty. Suggestions 1. File Before Due Date File your return before due date as applicable to you and relax. Do not wait for last date as the site goes down on the very last date and you may waste a lot of time to file the return on last date.
Claim Interest Conditional If there refund due to you and the department fails to pay you refund in time then the department shall pay your refund along with interest for the delay 0. Other Benefits In case of application for loan the return also helps as the bank or the finance company always ask for the copy of return filed for at least two years.
Many countries grant visa only after verifying your financial vaibility and hence the return here also serves the purpose. And last but not the least, every indivdual as well as other entities must abide to the laws of land and be an honest citizen and contribute to the overall grwoth and development of the nation.
Special Advice This advice is with regard to the notice issued by Income Tax Department where it is said that those person whose income is below Rs. Also those who miss the date of filing i. There is no penalty on the same as the last date of assessment of return for financial year is 31st March, and an assesse can file his return before completion of assessment. This advice is specially for salaried employees who sometimes miss the last date due to work and other commitments.
Being the most popular educational website in India, we believe in providing quality content to our readers. If you have any questions or concerns regarding any content published here, feel free to contact us using the Contact link below.
Login Register. Related Articles. In this article you will come to know that define taxable income, how to find taxable income, which incomes are included while calculating taxable income and which incomes are excluded or not added while making calculation of taxable income.
Here I have given some of the powers of Income Tax Authority. Where Is My Refund? How to Check Refund Status efile. Mailing Addresses Contact eFile. Sign In Start Now. Schedule A. Schedule B. Schedule C. Schedule C-EZ. Schedule D. Schedule E. Schedule EIC. Schedule F. Schedule H. Schedule J. Schedule R. Schedule SE. Annual Withholding Tax Return for U. Source Income of Foreign Persons. Automatic Extension of Time to File U. Individual Income Tax Return. Real Property Interests.
Return of U. Persons with Respect to Certain Foreign Partnerships.
0コメント