It is mandatory for a taxpayer to file Income-tax return if his total income exceeds the basic exemption limit (i.e. Rs 2,50,000/- for FY 2013-14 & FY 2014-15). Also, if you want to claim refund or carry forward certain losses for FY 2013-14, you are required to file Income-tax return. Moreover, return filing is compulsory if you are a resident individual having any foreign asset.
If you have missed to file the return, do not worry, you still can file a belated return for FY 2013-14 but till 31st March 2016 only. As they say, it’s better late than never.
31st of March, 2016 is also an important date for filing of Income-tax return for the Financial Year 2014-15.
Possible consequences if return is not filed by this date:
- If there are unpaid tax dues, taxpayer will be liable for additional interest (u/s 234A) @ 1% per month for late filing of return.
- A penalty of Rs. 5000 may be levied by your Income-tax Officer. This penalty can be invoked for FY 2014-15 if Return is not filed till 31st March 2016.
Please note that Income-tax return for FY 2013-14 will not be accepted after 31st March 2016.
So, hurry up, only few days left!