There is still a second chance. Read on:
Your Income tax return can still be filed after the due date (July 31st 2009) without too much hassle, if you forgot to file or could not do it for some other reason.
If you are a salaried employee and all your taxes have been deducted at source then you can file your return by 31st March without any penalty. After that, a penalty of Rs 5,000 may be imposed, As per u/s 271F:"if a person fails to furnish return of income as required by section 139 before the end of relevant assessment year, the assessing officer may impose a penalty of Rs 5,000/- “
If you owe taxes then you can still file up to 31st March but with a penalty of 1% per month of delay on the taxes due. You can calculate the interest owed using our interest calculator.
Example: Suppose you have to pay a tax of Rs 10,000 on your income from rent you earned and haven’t paid by the due date; you will be charged a penalty of Rs 100 per month of delay after July.
If you still don’t pay by 31st March the following year, the penalty will be 1% per month of delay.
If you are expecting a tax refund you can still get it by filing before 31st March, 2010.
Some disadvantages to filing late (so be on time next year!):
A late return cannot be revised
You cannot carry forward a loss to next year if you have missed the due date.
The following losses can be carried forward when filed on time:
Business loss excluding loss due to unabsorbed depreciation and capital expenditure on scientific research
Short term capital loss
Long term capital loss
Loss due to owning and maintenance of race horses.
However there is no impact on following type of losses even if return is furnished after the due date
Loss from house or property
Business loss on account of unabsorbed depreciation and capital expenditure on scientific research.
It’s not too late! Just login to Taxyogi
and file your tax return now.