How To File ITR After Missing Tax Deadline – Things You Should Know

By | August 15, 2016

Did you miss the last date of income tax e-filling date online? Do you know that the initial deadline of income tax e-filling online was 31st July 2016 for the assessment year 2016-17. After that also Income tax department has increased the last of filling income tax return till 5th August 2016.

But I am sure that due to many reason people have missed the deadline of filling ITR for this year as well. In that case how to file ITR for the FY 2015-16 online? In this article I will share few rules and regulations which will help you know the facts about income tax filling online for those people who have missed deadline for filing returns.

Rules To File Income Tax Return or ITR Online After Missing Tax Deadline

First of all the data I am sharing here is for them who have missed the deadline to file ITR for assessment year 2016-17 or Financial year 2015-16. I have filed my ITR as per the due date of filling income tax return dates only and received ITR V. Although I have not yet acknowledged the ITR V as I am waiting for my Aadhaar card to come so that I can verify my ITR using the Adhaar card only.

Anyway, in case you have missed the tax deadline, here are the few things you should know to proceed to file your file belated returns.

  • You can file your IT return even if you miss the deadline till next 2 years time. That means you have time till 31st March 2018 to file the ITR for your assessment year 2016-17.
  • You have to file your ITR return carefully, as you are not allowed to revise the filing of I-T returns in case of any error. In case you are filing within the due date, you have to the option to modify ITR submitted already. But after missing the dead line, there is no such scope.
  • You may have to pay a penalty of Rs.5,000, on the tax authority’s discretion for the offence of not filing returns on time. You will have to pay the penalty after you receive a notice from income tax officials for filing late returns.
  • In case you have some capital losses, you can’t get the benefit of adjusting with the future income. In case you have done the ITR on time, you could have use the same for next 8 years as per the law of Income tax.
  • If you have income from other sources like bank deposits, rental income,  capital gain and the tax liability is more than Rs 10,000 then a penalty of 1% per month will be applied, under sections 234(B) and (C) of the Income-tax Act, 1961.

It is always better to take necessary action before its too late. Many people never understand what to declare and what not to declare in ITR and for that reason they miss to file income tax return on time. Better you should consult a CA to clear all your questions to file tax return on time with 100% accuracy.

I believe its just a 1 year activity as every year our source of incomes are most same, in case you are not running a complex business. Even if you have some income from other sources or part-time income with your regular job, still it is just a 1 year head ache to know which ITR form you should file and what are the things you should declare and not disclose. Once you have discussed with an CA for one year, you will get an idea how things are working in your case, and next time onward you can similarly follow those ways only, in case no change in our income tax rules.

Have you ever missed income tax return filling deadline? How was your experience? Please share the same by writing a comment below to heal our readers. Thanks for following our regularly.

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