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last date of tax file?

pawankumar (investor) (109 Points)

16 February 2010

guys can be someone tell me what is the last date to file your income tax?

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5 Replies

CA CWA Yugandar PR (Manager) (139 Points)
Replied 16 February 2010

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Ratan Deep Saxena (Asstt Manager (Accounts & Finance)) (2998 Points)
Replied 16 February 2010

Dear Pawan,

For the AY:2009-10 for an Individual who is not subject to tax audit:

Due Date for filing returns: 31st July, 2009.
Last Date for filing returns: 31st March, 2010.

If you fail to file your returns by due date, then you have to pay interest on the tax due if any. If there is no tax due, then you can file your returns by 31st March 2010.

In case if you are having any loss, then you must file the returns by 31st July 2009. Otherwise the loss will not be allowed to carry forward to next year.

Regarding extension of due date: The Govt. may extend it for some reasons like when they change the forms or so. This year there is no chance for extension.

What happens if the returns are not filed by due date:??

1. Interest: You will be liable for penal Interest u/s 234A @ 1% per month on the amount of tax due from the due date of filing returns.
2. Carry Forward of Losses: Losses like Business Loss (speculative or otherwise), Capital Loss (short term or long term), and Loss from owning and maintaining race horses are not allowed to be carried forward. Other losses, if any can be carried forward.
3. Deductions: Deductions u/s 10A, 10B, 80-IA, 80-IAB, 80-IB and 80-IC are not allowed
4. Revision: Late returns cannot be revised except if it is in pursuance of a notice under section 142(1)
5. Penalty: A penalty of Rs.5000 may be imposed u/s 271F if belated return is submitted after the end of assessment year (after 31-March-YYYY, e.g. for AY:2009-10, end of assessment year is 31-March-2010)

regards,

ratan

Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 16 February 2010

yes for A. Y. 2009 - 10 the last date for filing belated return is 31.03.2011. Penalty imposable as per section 271F

C.Balaji (Learner) (1867 Points)
Replied 16 February 2010

Dear Pawan,

For AY:2009-10 not subject to tax audit - Due Date for filing return - 31st July, 2009.

Last Date for filing return as Belated : 31st March, 2011.

i.e.Belated return should be filed before one year from the end of relevant a.y.

CA.SKR (CA; CS-Final (One Group); DISA (ICAI); Insolvency Professional) (442 Points)
Replied 16 February 2010

Agree with Ratan Deep Saxena except the last date of filing of ITR for the AY: 2009-10. The correct last date is 31.03.2011 and not 31.03.2010, as stated by Ratan Deep Saxena.