It is common perception if the return is not filed within due date , the Assessing Officer will impose penalty or interest or do scrutiny. Therefore many people who can file return even after 31st July i.e due date , without any repercussion , rush to file return by 31st July. ...........................
Rreturn can be filed even after 31st July without any repercussion ?
You can file return after 31st July if
- All taxes have been paid by you as advance tax or deducted at source by 31st March.
- You do not have any loss to carry forward. In case of late return , you will not be allowed to carry forward the loss.
- You do not want to revise the return.
In all these cases, you can file return upto 31st March .
For example, if you are a salaried person and all tax has been deducted at source and no tax is outstanding as on 31st March 2009 for income (salary and other income ) earned during FY 2008-09 i.e Asst. Yr 2009-10 who are supposed to file return by 31/7/2009 , can file return upto 31/3/2010 without any interest or penalty. And , if they take risk of paying penalty of Rs 5000 for late filing , they can file return upto 31/3/2011!
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