Things to know if you missed tax filling deadline

One should always avoid missing the tax deadline if possible. If you have missed the deadline despite extension given till Aug 5 2016, remember you are not alone there are also others who could not due to pressing reasons or pure lethargy. But the real questions arises what to do know when you have missed the deadline. To start, there are things to know if you missed tax filling deadline which are as follow

  • Tax filing exercise remains same: Well, to start with the passing of the deadline does not mean much for your actual tax return filing exercise. You can actually e-file your tax returns anytime within the current financial year
  • No tax returns revision: You will not be allowed to revise your tax returns once you file it after the government-set deadline. If you had met the deadline, you could have revised your returns up to 2 years in case you detected any mistakes or incorrect entries
  • Cannot carry forward losses: You cannot carry forward losses (except loss from house property). You can carry forward losses from equity to set off from capital gains only if you file within the deadline
  • Levy of penal interest: There would be a levy of penal interest @ 1 per cent per month from the due date of filing the return till the actual date of filing
  • Delayed tax refund: If you are seeking refunds from tax paid, it may be delayed if you file after the deadline. As authorities will first refund those who have filed before expiry of deadline and then take up late filers
  • Loss of Interest: Loss of the interest that would have been paid for the period April 1 till date of filing the return

It’s advisable you should start the process of filing income tax return right away and try to get done as soon as possible. Today, the tax environment is very aggressive in the country at present. The use of technology has made monitoring and administration very easy for the I-T department. It’s always better that the taxpayer remains on the right side of the law and not get in any trouble. Please keep in mind above highlighted things to know if you missed tax filling deadline while filing income tax return.

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