Missed the deadline for filing Income Tax Returns? Here's what you can do
If you missed the extended deadline for filing ITR for 2015-16, here is what you can do.
Zee Media Bureau
New Delhi: Income Tax Returns (ITR) for 2015-16 (assessment year 2016-17) were originally to be filed by 31 July. But in view of the day-long strike at public sector banks, the deadline was extended to 5 August.
However, if you missed the extended deadline too, here is what you can do.
In a few cases, ITR can be filed with penalty while in some other cases it will not even require penalty.
What to do if you have tax liability (post missing the August 5 deadline)?
If you are in the tax category where your TDS have been deducted and advance tax has been paid, but you still have tax liability, then you will have to pay 1% @pm simple interest of the tax amount which is due.
Keep in Mind
The difference between filing of ITR and due date will be calculated and you will have to pay penalty for those number of days. You can file the remaining tax and interest till 31 March 2017 but if you fail that date, you will have to pay additional penalty of Rs 5,000.
What to do if you don't have tax liability (post missing the August 5 deadline)?
If your TDS has been deducted by your company and you have no tax liability post that, you can file your ITR within two years. Means, you have time till 31 March, 2018 to file your ITR for 2015-16 (assessment year 2016-17).
Keep in Mind
If you file your ITR till 31 March, 2017 then you will not have to pay any penalty. However, in some cases the Income Tax department my levy a penalty of Rs 5,000.