chanakya (Teacher) (182 Points)
21 January 2010it is said the last date for submission of IT returns is jul31 of the year.Is it the last date for submission of returns only? or for paying tax also?
pl. answer keeping in view of an employee working under AP state govt.(if it has any bearing on the answer)
Sunil Liladhar Kotak
(Manager (F & A))
(2025 Points)
Replied 21 January 2010
dear
if u r a employee then the TDS will be deducted by the Emploter & u need not worry for the Tax to be paid
all u need to do is to declare your total income to your employer
& do file the return by 31st july
sunil
CA.SKR
(CA; CS-Final (One Group); DISA (ICAI); Insolvency Professional)
(442 Points)
Replied 21 January 2010
| Originally posted by : chanakya | ||
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it is said the last date for submission of IT returns is jul31 of the year.Is it the last date for submission of returns only? or for paying tax also? pl. answer keeping in view of an employee working under AP state govt.(if it has any bearing on the answer) |
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The due date for filing ITR is 31st July of the assessment year. The entire amount of income tax due on taxable income is to be paid / deducted on or before filing ITR. Hence, 31st July is due date for both. Belated ITR can be filed even after 31st July.
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 21 January 2010
nil return can be filed upto 30th march of the A.Y.
CA. RUPESH JOSHI
(Chartered Accountant)
(174 Points)
Replied 21 January 2010
Mukund
Its not merely NIL returns. All types of returns (pertaining to individuals HUF) can be filed by 31st march i.e the end of the relevant Assessment year. Penalty u/s. 271F is (Rs.5000/=) gets attracted only if this deadline is not met and there is a demand / tax liability in the concerned return
CA Pramod Jain
(manager finance)
(1577 Points)
Replied 21 January 2010
ya agree with rupesh, generally peoples do file returns till mar 31st.
CA Galib Mirza
(Chartered Accountant)
(237 Points)
Replied 21 January 2010
Sir
If you hae tax laiblilty , then you have to pay it before 31st July thus it is the last date for both .
However if you are not liable to pay tax you can file your return till 31st march ( Relating A.Y. )
chanakya
(Teacher)
(182 Points)
Replied 21 January 2010
Now i am in confusion. what should i follow? 31 Mar (or) 31 jul? ,without attracting penalty of course. Please give me rule position instead of what people do
CA. RUPESH JOSHI
(Chartered Accountant)
(174 Points)
Replied 21 January 2010
The due date for filing return of income u/s. 139(1) is 31st of July. Its suggested that you adhere to this due date only as you have the benefit of revising it if required.
CA. RUPESH JOSHI
(Chartered Accountant)
(174 Points)
Replied 21 January 2010
The due date for filing return of income u/s. 139(1) is 31st of July. Its suggested that you adhere to this due date only as you have the benefit of revising it if required.
C.Balaji
(Learner)
(1867 Points)
Replied 21 January 2010
Mr.Chanakya
to be clear, Return has to be filed before 31st of July.....
Incase you have refund or Nil tax, you can file your return after 31st july but before one year from the end of relevant A.Y.
Tax should be paid in advance before 15th march in 3 installments(individuals)....If you don't pay tax in time Interest will arise under sec 234...
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