How to file your Income Tax Returns after due date

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Rules bring discipline. And the absence of rules brings chaos. But not adhering to rules, especially when most follow it, is a direct invitation to avoidable hassles. With the date of filing of Income Tax returns surpassing well beyond a week, there are bound to be late filers of returns. While the reasons may differ in each case of late filers of returns, there is one thing common in these people: They are scouting for ways to file IT returns.

On August 6, I received an e-mail from S Rajendra, an employee of a textile firm. He could not file his income tax returns since he was tendering a family member who has been hospitalised.

 

Naturally, his priority was the family member and he missed the due date for filing income tax returns. He was anxious about the consequences of defaulting on filing of IT tax returns. He had planned to apply for a home loan.

 

He knew the importance of having a three-year record of income tax returns as a necessary thing for a bank to approve a home loan application along with a CIBIL score. Like Rajendra, there are many who cannot make it before the deadline in some cases it is the unavoidable circumstances and in some cases it is sheer laziness.

 

A simple answer to the question is a big Yes. You can file your income tax returns for FY2012-2013 even now. If you do not have any income tax refund to claim it is still quite straight and simple. You can file your income tax returns before March 31, 2014.

If you do not file your income tax returns by March 31, 2014, you will end up paying a penalty of Rs 5000 after that. But don't wait till March 31. Go for it now, especially if you have to pay some income tax on your income. Otherwise you end up paying interest on late filing of income tax, which also attracts income tax.

Since you are already late, there are certain disadvantages you have to deal with. First, you will not be allowed to carry forward losses in the capital gain or business profits category.

Also if you are filing to claim some income tax refund and you are eligible for interest on it, you will not be paid the interest for period of delay at your end.

 

However, a bigger issue comes in the form of a provision, which allows individuals to submit revised returns, if they file incorrect returns while filing for the first time (original return) for the financial year, if and only if they have filed their returns before the stipulated due date.

 

If you have not filed your return before the due date, check for necessary details required for filing the returns.

 

Get all the details of your income right and prepare documents in proper order and importance.

 

Check if there are some deductions such as Section 80 G associated with donations that fetch you deduction, are also accounted for in the tax calculations as they are not shown in your FORM 16. If you get it wrong, you cannot file revised returns later.

 

Hence, if you want to double check it, take professional help.

 

There is nothing wrong if you miss the deadline, but avoid procrastination. It will spoil your financial profile. You need to understand that filing IT returns is not just a legal necessity but also a must exercise for your big-ticket loan applications such as home loans or business loans.

 

After all, an income tax return filed, can open doors of growth and success for you.

Happy Investing!!

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