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Deadline over, what if, if you have not filed your IT return?


06 Aug, 2013 11:05a.m.

The due date for filing income tax returns for financial year 2012-13 (FY13) was August 5. (IT filing returns deadline extended by 5 days to August 5)  It was extended by five days because of the increase in the number of e-filing returns that caused a sudden increase in the load of the income-tax portal. 

What happens if you have not filed your tax return even by the extended date? The Income-tax Act, 1961 (‘Act’) provides you an option to file a ‘belated return’. A belated return can be filed within two years of the end of the financial year or before completion of the assessment, whichever is earlier. In simple words, the tax return for FY13 can be filed by March 31, 2015 if there is no assessment.

If you are filing your returns after March 31, 2014, then the tax authorities can levy a penalty of Rs 5,000 under Section 271F of the Act. Hence, it’s always important to file your return at the earliest possible, even if you have missed your deadline.

Consequences of not filing the return on time

It is better late than never. So it’s better to file a belated tax return rather than not file the return at all. A duly filed and acknowledged tax return serves as important document for various purposes and banks and other authorities generally ask for the tax return to verify the credit worthiness of a person.

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