Did you miss filing your tax return by the due date 31st July (which was subsequently extended to August 4th)? You need not worry as you can still e-file your return effortlessly through TaxYogi.
As an income tax assessee you fall into one of these 2 categories:
You don’t owe any tax to the IT department: If all your taxes have been deducted at source (applicable to most salaried employees with no other source of income) then you can file your return by 31st March 2011 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/- “
You owe taxes: 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 tax interest calculator. You can pay the due taxes as well as penalty online from the convenience of your home and office. Find out more in “Procedure for e-payment taxes”
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.
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.
It’s not too late! Just login to Taxyogi and file your tax return now. Online return filing is better, faster, cheaper, transparent and saves paper.