You can file tax return till March 2015, if Missed July 31 deadline for I-T returns.

You can file tax return till March 2015

No need to worry if you missed the deadline (31st July) for pay your tax. If you missed or unable to pay the tax return for the financial year 2013-14, then you can do so still 31 March 2015. If your all taxes have been paid then there is also no penalty for filing late. So there is no need to lose sleep if you have missed the deadline for tax filing return.

There is an another golden chance for lazy taxpayers if they missed both deadlines 31 July as well as March 2015, they can still another chance to pay tax by March 31 2016. This will be treated as belated return. The filing procedure remains same for before and after the deadlines.  For late tax pay you have to mention that the return is a belated one in the tax form. After 31 March there could be a Rs. 5,000 penalty for late filing, it’s depending on the discretion of the assessing officer.

Tax experts said that if taxpayer have been paid all the taxes then penalty is rarely slapped. For salaried individuals and retirees, whose income is subjected to tax deduction at source, are on dry ground. There are some income on which you have not paid tax.

Under Section 80TTA there is now Rs 10,000 deduction on interest earned on saving bank deposits. But the income from other bank deposits and infrastructure bonds bought a few years earlier is fully taxable. The tax authorities say the taxpayers who has some unpaid tax will have to pay a 1 per cent late payment fee for every month of delay since April 2014. If their tax due is more than Rs 10,000 then   they should have pay an advanced tax. Advance tax is payable in three tranches – 30 per cent is to paid by 15 July of the financial year,  60 per cent by 15 December and 100 per cent by 31 March. If they have not been paid, then the penalty per month will be applicable from the due date of the advance tax.

An individual can modify his return any number of times before the end of the assessment year or till the return is assessed if he can’t modify his tax return if it has been filed after the due date and he done so by the specified date (31 July). He can claim later if he makes a mistake or misses any deduction or exemption. The taxpayers can carry forward their capital losses and adjust them against any future capital gains if they file by the due date. They can carry forward these losses up to eight financial years. But these benefit is not available if the return is filed after due date.

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