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StaffCorner

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02 Jul, 2012 09:33 AM

IT filing after due date

IT filing after due date The due date for filing income tax return for individual assessees is the 31 July every year as been prescribed u/s 139(1).

But what happens if the individual fails to file his return of Income within due date? Whether he can file his return of Income after the due date?

Under section 139(4) a belated return can be filed before the expiry of one year from the end of relevant assessment year or before the completion of assessment whichever is earlier.

Where return of income is filed after the due date, interest u/s 234A will be payable. But if there is already tax has been deducted from the income of the assessee or advance tax has been paid by the assessee and there remains no tax to be paid after such T.D.S or advance tax then no interest is levied u/s 234A for filing the return after the due date.

It is to be noted that a penalty of Rs 5000 may be imposed u/s 271F if the return of income is not filed within the end of the relevant assessment year. For example, such penalty is imposable if return for asst. year 2011-12 is not filed by 31st March 2012.

Staffcorner advises all visitors to file returns in advance in-case you have not done it so far.




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