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Saturday 29 July 2017

Missed the Income Tax Filing Deadline?

Many people fail to file their income tax return within the 31st July 2017. But even if you have missed the deadline of filing return, you can still file your income tax return. which is called belated return.
What is Belated Return?
Filing ITR after the due date is called belated return. When you are filing the belated return, the procedure is same as if you file the return on or before the due date. You need to select ITR form applicable to you and fill the form in the same manner as if you are filing the return on time and Choose the assessment year for which you are filing the belated return for eg. if you are filing the return for F.Y 2016-17 select 2017-18 as assessment year. It can be filed before the end of the relevant assessment year or before completion of the assessment, whichever is earlier. 
If an individual misses the deadline of July 31, 2017 for filing return pertaining to FY 2016-17 (AY 2017-18), he can file a belated return by March 31, 2018." 
What should be done?
The best scenario is to pay your taxes and file your return in time. But in case one is not able to file the tax return due to some reason, it is advisable to calculate and pay the tax due before the scheduled date of filing the ITR. If all your taxes are paid, you do not attract any penalty even if the return of income is filed any time before March 31 of the following year.

Thus, one must pay taxes and file the return on or before the due date. And in case one is unable to file the return, at least taxes if any should be paid within due date. If all taxes are paid, penal interest will not be levied.
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