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Not filed I-T returns yet? You won`t get to revise it
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Not filed I-T returns yet? You won`t get to revise it
Individuals who are yet to file income tax returns will not have the option of revising it in case there is an ambiguity. And, possibility is that such individuals may lose out on certain benefits.
With the income tax department not extending the deadline for I-T returns beyond July 31, latecomers cannot revise their returns.
According to the Income-Tax Act, if someone is unable to file the income tax return by July 31, the individual does not have the flexibility of re-visiting his or her return. “Sometimes, individuals miscalculate their tax liability and therefore, need to file a revised return. But, in case the individual has not filed his return before July 31, he/she will forego the right to file a revised return and, thereby, may lose on certain benefits,” said Amitabh Singh, tax partner, Ernst & Young.
Moreover, a further delay in filing returns may lend individuals in deeper trouble. Failure to file I-T return before the end of the assessment year may attract a penalty of up to Rs 5,000.
“According to Section 271 (F) of Income-Tax Act, individuals having no tax liability can also be penalised for delay in filing income-tax returns. Generally if there is no tax liability on individuals, income tax department does not impose fine,” a senior official of Central Board of Direct Taxes told Financial Chronicle.
“If it is accepted that the individual had paid all taxes through TDS or other such means and thereby, do not have any incentive in not filing tax return and the delay has happened due to genuine reasons such as illness and other factors, the I-T department does not impose penalty,” the official explained. However, in case of individuals, who have some tax liability and have failed to file returns on time, they have to pay some interest on the tax liability.
“As per Section 234 (A, B, C) of the I-T Act, individuals who have some tax liability but failed to file returns on time are required to pay 1 per cent of the total tax liability every month till the time the tax return is filed,” said Atul Agarwal, chartered accountant with Taxindiaonline.
Personal income tax collection has shown a growth of 4.38 per cent during the first quarter of the present financial year over the corresponding period of last year. The net personal income-tax collection in the first three months of 2009-10 stood at Rs 23,780 crore as against Rs 22,782 crore a year ago. However, the growth in income-tax collection has been below expectation as the government has targetted a growth of close to 10 per cent in the present financial year over the last financial year.
Source:
http://www.mydigitalfc.com/personal-finance/not-filed-i-t-returns-yet-you-won’
With the income tax department not extending the deadline for I-T returns beyond July 31, latecomers cannot revise their returns.
According to the Income-Tax Act, if someone is unable to file the income tax return by July 31, the individual does not have the flexibility of re-visiting his or her return. “Sometimes, individuals miscalculate their tax liability and therefore, need to file a revised return. But, in case the individual has not filed his return before July 31, he/she will forego the right to file a revised return and, thereby, may lose on certain benefits,” said Amitabh Singh, tax partner, Ernst & Young.
Moreover, a further delay in filing returns may lend individuals in deeper trouble. Failure to file I-T return before the end of the assessment year may attract a penalty of up to Rs 5,000.
“According to Section 271 (F) of Income-Tax Act, individuals having no tax liability can also be penalised for delay in filing income-tax returns. Generally if there is no tax liability on individuals, income tax department does not impose fine,” a senior official of Central Board of Direct Taxes told Financial Chronicle.
“If it is accepted that the individual had paid all taxes through TDS or other such means and thereby, do not have any incentive in not filing tax return and the delay has happened due to genuine reasons such as illness and other factors, the I-T department does not impose penalty,” the official explained. However, in case of individuals, who have some tax liability and have failed to file returns on time, they have to pay some interest on the tax liability.
“As per Section 234 (A, B, C) of the I-T Act, individuals who have some tax liability but failed to file returns on time are required to pay 1 per cent of the total tax liability every month till the time the tax return is filed,” said Atul Agarwal, chartered accountant with Taxindiaonline.
Personal income tax collection has shown a growth of 4.38 per cent during the first quarter of the present financial year over the corresponding period of last year. The net personal income-tax collection in the first three months of 2009-10 stood at Rs 23,780 crore as against Rs 22,782 crore a year ago. However, the growth in income-tax collection has been below expectation as the government has targetted a growth of close to 10 per cent in the present financial year over the last financial year.
Source:
http://www.mydigitalfc.com/personal-finance/not-filed-i-t-returns-yet-you-won’
