Non-Salaried Can File I-T Returns Till Nov 30

Non-salaried can file I-T returns till Nov 30.

The due date for filing of income tax (I-T) returns by non salaried taxpayers extended by the Central Board OF Direct Taxes to November 30 from September 30 for the assessment year 2014-15 (fiscal ended March 31,2014). The CBDT has not exempted such taxpayers from penal interest which will be levied if the tax return is filed  after September 30.

On Friday the CBDT issued this order for extending the I-T return filing due date in compliance with the judgements of various high courts. The extension is available to all taxpayers who are covered by the tax audit requirements of section 44AB of the Income Tax Act and are required to file their returns by September 30. In addition, CBDT’s release clarifies that: The extension will also apply to a working patern in a firm, whose accounts are subject to tax audit provisions. For penal interest there is no relief.

CBDT’s release states: There shall be no extension of the due date for the purpose of changing of interest under section 234A for late filing of return of income and the taxpayers shall remain liable for payment of interest as per this provision. In this context, CBDT’s release points out that the Gujarat high court, in its judgement dated September 22 had directed CBDT to extend the due date for furnishing the I-T return to November 30, except for the purpose of charging of interest under section 234A for the delay in filing.

According to section 234A from the due date of filing the income tax return to the date the return is actually filed, levies a simple interest at 1% on the net tax payable for every month or part of the month, from the due date of filing the income tax return to the date the return is actually filed. i.e. if the taxpayer files his I-T return in mid-November, he will have to pay this interest for the months of October and November.

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