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What if I file return after July 31?

HonestTaxpayer (Software Engineer) (103 Points)

27 July 2009

Hi learned people,

I wanted to know what happens if a salaried guy like me, who doesnt have any tax pending, files return after July 31?

Thanks n regards!

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49 Replies

BALASUBRAMANYA B N (CCI STUDENT....) (44687 Points)
Replied 27 July 2009

You can file its not a problem, within march 2010 you can file it..

1 Like

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Kailash Sharma (CA- Final Student) (148 Points)
Replied 27 July 2009

No Worries yaar.

When there is no tax payable from ur side & no refund is due in this case u can file return even after due date.

But when u have pending tax liabilty & ur filing after date then u have to pay Interest as per sec234C.

2 Like

HonestTaxpayer (Software Engineer) (103 Points)
Replied 27 July 2009

WOW ... that was a fast reply :)

Ok so coming back to the question ... why such brouhaha over the July 31 date? Why is it sucha dreaded date? And if going by you i can file it til Mar 2010 ... whts so "deadline" abt July 31?

BALASUBRAMANYA B N (CCI STUDENT....) (44687 Points)
Replied 27 July 2009

When you dont have tax liability then you can file it, but when you have tax liability, which you not paid you have to add interest 234B & C, but if you dont pay your tax liability after july and not filing the returns within due date then you have to pay 234A interest add on the tax amt..filing after duedate 234A will applicable,

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HonestTaxpayer (Software Engineer) (103 Points)
Replied 27 July 2009

Hmmm, ok so let me try to summarise what you are saying ...

Before 31 July interest on tax = 234 B and C

After 31 July interest on tax = 234 B and c + 234 A

Right?

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(Guest)

In case if you have any tax payable, you have to pay interest @ 1 % p.m on tax payable if u file your return after 31st July. Deadline is important to file the return within the due date for some categories of taxpayers who are having different sources of incomes or losses as prescribed by the income tax act.

1 Like

HonestTaxpayer (Software Engineer) (103 Points)
Replied 27 July 2009

Hmmm, ok so let me try to summarise what you are saying ...

Before 31 July interest on tax = 234 B and C

After 31 July interest on tax = 234 B and c + 234 A

Right?

BALASUBRAMANYA B N (CCI STUDENT....) (44687 Points)
Replied 27 July 2009

Yes thats right, if you dont pay tax and file within july 31st, then you have to pay interest 234 A, B & C on tax amt...

1 Like

HonestTaxpayer (Software Engineer) (103 Points)
Replied 27 July 2009

alrite! that makes it crystal clear now ... and I apprecaite everyone whos taken pains to reply ... esp Mr Balasubramanya

BALASUBRAMANYA B N (CCI STUDENT....) (44687 Points)
Replied 27 July 2009

Its not pain, what we know will share it,

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CA Sumit Arora (CA) (1411 Points)
Replied 27 July 2009

You can file return even after due date when there is no tax payable. You can file it till march 2010

1 Like

CA Devanshi Gandhi (Ajani) (FCA DISA Mcom CIFRS & LLB) (9060 Points)
Replied 27 July 2009

i fu have any loss in the current n if u file ur return belated than u can not carry forward the loss and if u hv any tax liability than u need to pay interest on it......

1 Like

Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 28 July 2009

If there is no tax payable and no loss to carry forward you can file your return upto 31st March, 2010 without penalty. If you file return after that the ITO may levy a penalty of Rs. 5,000/- is return filed after 31.03.2010 and before 31.03.2011. 31st March, 2011 is the last date for filing return for A. Y. 2009 - 10.

1 Like

sudhir (accounts) (27 Points)
Replied 28 July 2009

I will tell you ,In fact there is no penalty as such for this fault ,absolutely no penalty ,do you believe ,I have said that there is no penalty on late filing of return as such.But this is the fact .Specific penalty for late filing of return is prescribed u/s 271F which is briefed here under

"if a person failure to furnish return of income as required by section 139 before the end of relevant assessment year ,the assessing officer may impose a penalty of Rs 5000/-"

so this section says end of relevant assessment year ,as for previous year 2008-09 , assessment year is 2009-10 and its end on 31.03.2010 ,means there is no liability for late filing of income tax return up to 31.03.2010 and after that assessing officer can impose a penalty of 5000,and that is also his(AO) power which he may or may not exercise after giving due hearing to the assessee.