Understanding Taxes

Did you miss the tax filing due date?

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:

  • Speculation loss
  • 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.
Published Aug 04 2009




Dilip Debnath said:


August 6, 2009 5:28 AM

Kalpesh Parmar said:

Hi there,

I want list of due dates of returns of excise and account related.

So, that i can plan daily routine work accordingly.

I am in manufacturing of submersible field and company is having  excise registration.

If you have that type of list and can give that free to me, then forward that on my yahoo Id.

Hopping for the best co-operation.


November 1, 2009 6:16 AM

sunil navale said:


i want retune file of 2007-2008. i miss document

sunil navle

November 10, 2009 1:06 AM

mohit said:

hi i have got the form 16 from my company and my tax deducted by them. so it is necessary to fill the it return. and also is it possible ti fill return of the last 2 years together. if yes than how

December 21, 2009 2:06 PM

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