Delayed filing of it returns

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This query is : Resolved

Dr.Ramesh R.Patel (Querist)

01 August 2014 Hello, I am a Doctor, Surgeon, I missed filing IT returns1st time in last 25 years because my CA met with an Accident and serious for last 1 week,
I have paid Advance tax adequately and I may have to claim refund, I have only deduction of Housing loan and Interest, Can some expert tell me consequences of Delayed filing ? Will I be eligible to get deductions of Housing loan and Interest ?
Thanks
Dr. Ramesh Patel

Ganeshbabu K

Ganeshbabu K (Expert)

01 August 2014 Yes you are eligible to claim deductions under housing loan
.
.
If there is no tax payable no need to pay interest under 234A,B,C also
.
Just have to file Revised Return 139(5)claiming refund with in 31.03.2015 is recommended

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CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)

01 August 2014 You are still eligible to get deduction of housing loan and interest. The only consequence is that if you are entitled to refund of your advance tax based on deductions of housing loan and interest, your refund will be delayed because of late filing. However you cannot revise your return if needed since it will be filed beyond due date. If on the contrary, there is tax payable by you then you will have to pay the same with interest @ 1% for every month or part of month on net tax payable.

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Rupesh Jain

Rupesh Jain (Expert)

01 August 2014 you can get intt and deduction of housing loan. it is not effect. its only effect on revised on return . you cannot file revised reutn .

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CA UMESH DULAL

CA UMESH DULAL (Expert)

01 August 2014 If you have paid adequate tax and you do not have loss to be carried forward, then you do not have to worry about delay.you can all the deduction that are available to you But remember, you have to file the return before 31/03 so that penalty can be avoided. None the less, early filling of return will ensure early refund.

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