The last date of income tax return eFiling for FY 2014-15 (AY 2015-16) is close now. You have to act fast otherwise you will miss the return filing due date. But, do you know that different class of taxpayers have a different last date of income tax return filing. You should also learn the consequence of missing the last date of income tax return filing. Let us explore the rules of income tax return due date.
The Last Date Of Income Tax Return Filing In 2015 For Individuals
This year, AY 2015-16, you would have one month more to efile the income tax return. The government has extended the deadline of income tax return. In 2015, you can file the income tax return till August 31, 2015 for the income of FY 2014-15.
Normally, extension is given after the rush on the last date. But, This year the extension of one month was announced earlier in May. The reason is not the rush of income tax return filers, but, it is because of the ITR form controversy. The government had notified a lengthy intrusive ITR in April. After much uproar, the government took back the form. Since the government came with new forms, it has been the last week of June. Therefore, to give enough time for income tax return filing government has to extend the return filing period by one month.
This year the last date of income tax return filing is not usual July 31, instead it is August 31. Before the popularity of e-Filing income tax department used to give extension of some days. But since 2011, It rarely extends the last date if efiling income tax return. Last there the due date of income tax return remain July 31. However, in 2013 the taxpayer did get time to file an income tax return till August 5, 2013.
Must Read: How To Choose Most Suitable ITR Form
Last Date Of ITR submission For Non Individuals
The July 31, is the last date of Income Tax return efiling for individuals. The non individuals get two months more time to file an income tax return. Note, this extension is for also those professional who are required to audit their income. Indeed, the government gives extra time to complete the auditing formalities. All companies are bound to audit their accounts. Companies also get more time to file an income tax return.
The last date of filing audited income tax return is September 30.
Last Date For Revised Income Tax Return
After filing income tax return, you can also revise it. It means, you can make necessary change into ITR after the deadline of July 31 (August 31 of this year). You have plenty of time to revise the income tax return. You can revise the income tax return till the last day of the assessment year. That is, you can file revised income tax return of financial year 2014-15, till March 31, 2016. Even, you can file a belated return till March 31, 2017. Note, the revised return should be filed before the final assessment by the assessing officer. You can’t file revised return after the assessment, despite the given time.
What if You Miss the Last Date of Income Tax Return
You may miss the last date of income tax return. It does not matter for most of the people. But, there are some disadvantages of filing an income tax return late:
- You cannot carry forward the losses incurred during the head under ‘Capital Gains’ or ‘Profits and Gains of Business or Profession’
- You cannot revise a return of you file the original income tax return after last 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.
- If you file the return a year after the end of the financial year, the income tax officer can levy a penalty up to Rs. 5,000 for the delay.
Read more about the consequences of late filing of income tax return.
To know about the latest dates of income tax returns and payment you should read my post on Last date of efiling.