Still not filed Income-tax returns for financial year 2013-14? And still wondering if last years return can be filed along with current years return? The answer is “Yes”. Through myITreturn, file return for A.Y. 2015-16 as well as A.Y. 2014-15 may be filed. Remember that the last date for filing return for A.Y. 2014-15 is 31st March 2016.
Just use the existing login details and get your return filed for both years A.Y. 2014-15 and A.Y. 2015-16! Please note the consequences for filing the return of A.Y. 2014-15 late will be as follows:
- The return will be considered as a belated return under section 139(4) .
- You will have to pay interest under section 234A.
- Penalty under section 271F of Rs. 5000/- will become payable.
- Belated return cannot be revised.
- There can be some losses which, you may not be able to carry forward like losses from specified business, speculation losses, short term and long term losses, etc
- Certain deductions would not be available like section 10 deduction, etc
It is always advisable to file on time but better late than never.
Login to myITreturn and start filing. If you have queries, opt for our assisted filing service and get your return filed with the help of our tax experts. Apart from this, if you have any query please raise a ticket on myITreturn.com. Happy Return Filing!