Who Should Not Worry About Filing Return By 31st July?

Rahul Chobdar (Chartered Accountant (Financial Management)) (561 Points)
Replied 31 July 2009

Thank u Sir, for clearing the Doubt once & for all

abhishek (STUDENT) (162 Points)
Replied 11 August 2009

sir, its only for salaried person?? no interest ,, or is it for otherpersons that they can file after 31.7 without interest if tds ie already deducted?

Aijaz Khan (Junior Accountant) (43 Points)
Replied 12 September 2009

Dear sir

one of my freind want some loan from but bank official said that they want income tax return he has small shop of mobile. the official said they want previous three year return is that is possible. can he file previous year return please explain in detail what he shold do & how he should do.

CA GIRISH (Chartered Accountant) (1796 Points)
Replied 07 October 2009

thanks alot

(Guest)

Thank u sir for sharing....

praveen (Chartered Accountant) (6971 Points)
Replied 14 October 2009

nice post put in articles section

GT (DM) (22 Points)
Replied 15 October 2009

Sir,

I am salaried professional. I have more than 30k refund in my Form 16. I filed return this week, on 14th Oct 2009. I am getting confilcting information on internet that if someone files after 31st July 2009, they will loose the right of a refund from Income tax department. Is it true.

Please clarify. Thanks so much for your help.

Originally posted by :Taranjit Singh

"

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!

"