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What if I could not file my income tax return before the due date?

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posted Jun 21 by Anurag Kashyap

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The due date to file income tax return for non – tax audit Individual assessee is 31st july of the Assessment year, however only for F.Y. 2014-15, the date has been extended to 31st August 2015.

In case you could not file your income tax return (ITR) before the due date, you can still file your tax return by the end of the A.y. , i.e., 31st March 2016 without any penalty of Rs 5000/- being levied u/s 271F. However you will have to pay Interest on the tax due.

In case you also fail to file ITR by the end of the A.y. also then you can file belated return within 1 year from the end of the relevant Assessment Year. The time limit for filing belated return for F.y.2014 -15 or A.Y. 2015-16 is 31st March 2017

Always try to file return before due date because there are many benefits attached to it. The return file before due date can be revised any number of times provided it is within the time limit of 1 year from the end of the relevant Assessment Year.

In case you could not file your income tax return before the due date, the only option is to file belated return as discussed above however belated return cannot be revised and further if you are paying tax you will be liable to pay interest@ 1% per month( simple interest) on tax Amount if you file return after due date further penalty of Rs 5000/- u/s 271F can also be levied.

answer Jun 22 by Diya Borda
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