You can still file your I-T returns
Only those who have paid all taxes and do not
have any refund claim can file their I-T returns by 31 March 2014
The Income Tax (I-T) department has urged all those taxpayers who have not filed their I-Tax returns, even by the extended deadline of 5 August 2013, to file their returns at the earliest to keep away unavoidable difficulties. However, the option to file one's I-T return before 31 March 2014 is available only for those who had paid all their taxes and there are no refund claims.
The Income Tax (I-T) department has urged all those taxpayers who have not filed their I-Tax returns, even by the extended deadline of 5 August 2013, to file their returns at the earliest to keep away unavoidable difficulties. However, the option to file one's I-T return before 31 March 2014 is available only for those who had paid all their taxes and there are no refund claims.
According to a release issued by Press Information Bureau (PIB),
if the returns are not filed by 31 March 2014, there will be a penalty of
Rs5,000 levied on the taxpayer. Those with tax dues will have to pay late
payment fee leviable for every month of delay since April 2013, the release
said.
While I-Tax department gives taxpayers certain grace period to
file their returns, there are certain disadvantages associated with late filing
of I-T returns. Those who file their returns late, cannot modify their returns
if there are any mistakes. They also cannot carry forward any short term and
long-term losses.
All those with total income of Rs5
lakh and above and all those having foreign assets have to mandatorily file
their IT returns online. Those with total income less than Rs5 lakh can file
their returns off-line. So far, more than 1.23 crore taxpayers filed their
returns online this year.
According to the release, a person defaulting in filing returns of
income could be liable for prosecution under Section 276CC of the Income Tax Act, 1961. Conviction may result in rigorous
imprisonment for a term not less than six months but which may extend to seven
years and a fine, if the tax liability which
has been evaded exceeds Rs25 lakhs.
Recently, the additional chief metropolitan magistrate in New Delhi sentenced a taxpayer to six months imprisonment in one assessment
year and one year imprisonment in subsequent assessment year for repeating the
offence of not filing return of income. Source -mlf
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