Now you have five more days to file income tax return. The last date of filing income tax has been extended till 5 August 2016. You can efile your income tax return through the incometaxindiaefiling portal till 5 August. In the normal course, the last date of income tax filing is 31st July.
Reason For Extension
The government has taken this decision because of the bank strike. The banks were on strike on 29 July, while 31st July is a bank holiday. For Jammu and Kashmir the deadline has been extended till 31 August as it going through the unrest.
Due Dates of Income Tax Filing
All the taxpayers who are not required to audit must have to file income tax return up to 31 July of every year. Last year also, the income tax filing was extended for one whole month. It was because of the confusion in the Form.
Those taxpayers, who get their income audited can file income tax return up to 30 September. Indeed, the different classes of taxpayers have different due dates of income tax filing.
Due date of filing income tax return
Besides the income tax return due dates, there are other dates which may be important for you. Visit the tax calendar of income tax department for more information.
Take Benefit of Last Date Extension
After this extension, you have more time to find out all the tax saving investments made by you. You can also claim those tax deduction which could not be part of tax proofs given to your employer. Often, people do not claim a tax deduction on tuition fees. You can add this while filing income tax return. You would get back the excess return as a tax refund.
Why Should you file Income Tax Return Before Due Date
If you miss the income tax filing deadline, you would face following problems.
- You can’t file a revised income tax return if original is filed after the due date.
- If you owe any tax, you may have to pay the tax by 1% per month interest. The interest would be calculated from the first day of the assessment year.
- You cannot carry forward the losses incurred during the head under ‘Capital Gains’ or ‘Profits and Gains of Business or Profession’.
- The more you delay the income tax filing, the tax refund (if any) would be late. The income tax department would not give interest on refund in such cases.
Are you Worried about the Missing eFiling Deadline?
You should file income tax return on time. But if you could not, don’t take a pain. For the most salaried people, the due date has little importance. If you don’t have a tax liability or complication, you can relax. Late filing of return would not create any issue. Even, you would get your refund. You can file income tax return till the end of assessment year.