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Sunday December 4th 2016
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Filing your tax returns after the due date?

Income Tax It is always better to file your taxes by the due date, which is July 31 this year. However, in case you haven’t done it, don’t despair – here is what you need to know.

  • If you have only income from salary, and your company has already deducted your tax at source, you can file your taxes anytime till March 31, 2011 without any penalty. If you file after this date, you need to pay a penalty of Rs.5000.
  • In case you have to pay taxes on your income from other sources, pay interest @1.25% per month from July 31 till the date of filing returns. This interest will be on your total taxes due for the year reduced by TDS and Advance Taxes already paid by you.
  • You cannot “carry forward” your capital losses (in case you have such losses from your investments)
  • In case you have any refund due from the department, the interest for such refunds may be reduced

Remember, the “Return filed under section”  in your ITR form will be Code 12 (filing voluntarily after the due date) instead of the normal Code 11

That’s all – go ahead, file your taxes and relax.

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8 Comments for “Filing your tax returns after the due date?”

  • Nitin says:

    Hi,
    I had filed my return online on 31st July 2011, but sent ITRV acknowledgement very late and it got rejected “Filing date has exceeded the Due date”

    Kindly suggest me what can be done in this case. I have only income from salary and no refund is expected.
    Do i need to file revised return and under what section ?

    Thanks in advance…

    • Raj says:

      You have to file again. As mentioned in the article, Section code will be 12 instead of the normal 11. No other changes.

      • Nitin says:

        Thanks a lot Raj !!
        It was really helpful…

      • Nitin says:

        Hi Raj,
        I tried filing the return online today under section 12.
        But got the error..

        “You have already filed your return, please choose ‘Revised’ option”

        As mentioned earlier that i had filed the return on 31st July but didn’t sent the ITRV on time.

        So i think now i need to file “Revised” return under section 12.

        What do you say ?

        Thanks in advance..

        • Raj says:

          Yes you should choose “Revised”. Put in the ITR-V acknowledgement number and your date of filing(31-Jul) in the next relevant columns.

  • Gurunath says:

    Hi

    I have filed returns on 28/07/2011 for 2011-12. But i forgot to send ITR-V. I sent it April 2010. Now the status shows “Filing date has exceeded the Due date”.
    What should I do now. The returns have been deducted from my employer at the source. I have no refunds.

    Please advice on what to do now.

  • Gurunath says:

    Hi

    I have filed returns on 28/07/2011 for 2011-12. But i forgot to send ITR-V. I sent it April 2012. It was rejected due to signature missing. I sent again. Now the status shows “Filing date has exceeded the Due date”.
    What should I do now. The returns have been deducted from my employer at the source. I have no refunds.

    Please advice on what to do now.

  • SANJOY SARKAR says:

    I SUBMIT MY RETURN ONLINE AND RECEIVED A CHEQUE BUT MY BANK
    A/C NO WRONNG . THAT FOR NOT ENCASHED THE CHEQUE .PLEASE SEND MEADVICE .


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