Haven’t filed your Income Tax Return yet? 31st March is the last date to file

Income Tax Return 31st March 2015

If you haven’t filed your Income Tax Return for the past 2 financial years, do so before 31st March 2015.

Return for financial year 2013-14 – Any individual who has a gross income of more than Rs 2,50,000 (before allowing any deductions) in financial year 2013-14 must file an Income Tax Return. If you did not file your Income Tax Return for financial year 2013-14 by 31st July 2014, you can still file your Return by 31st March 2015 without attracting penalty for late filing. If you do not file it by 31st March 2015 – the AO can levy a penalty of Rs 5,000 under section 271F for not filing on time. A Return which has not been filed within the due date cannot be revised. So be extra careful and double check your information so as to not commit a mistake. You cannot get an Income Tax refund or carry forward a loss unless you file your Return. You may need a CAs help in the last minute reach out to us and file your Income Tax Return NOW!

Return for financial year 2012-13 – If your gross total income (before allowing any deductions) is more than Rs 2,00,000 in the financial year 2012-13, you must file an Income Tax Return. Filing a return has may advantages – you cannot get a refund unless you file your return. For obtaining visas of many countries you may be required to show your past IT returns. Obtaining a home loan or a personal loan may also be very difficult without copies of your Return. 31st March is the last date to file your Income Tax Return for financial year 2012-13 – do not miss the opportunity to file.

Do note that right now you can file Returns for both these years free on ClearTax.

Comment here or write to us support@cleartax.in if you need help with your Returns!

2 Responses to Haven’t filed your Income Tax Return yet? 31st March is the last date to file

  1. Vivekanand March 25, 2015 at 8:49 pm #

    Sir/Madam,

    I am working in bank and gross income was 359109/- during fy 2013-14. i didnot filed tax return for that period.

    I also have income by Google adsense program from my blogs. Income from my blogs will be come under which category?

    Please guide me.

    • cleartax-team March 26, 2015 at 12:04 pm #

      We highly recommend you file your Income Tax Return for FY 2013-14 before 31st March 2015. You may have to pay penalty for delayed filing post 31st March.

      Your income from your blog – is basically your freelancing income. This income is taxable under the head Profits & Gains from Business & Profession. You will be allowed to deduct expenses that relate to your blog from your income from the blog. Pls go through our posts for freelancers and this shall help you understand your taxation better. Pls note in case you have unpaid taxes you may have to pay interest under section 234A, 234B and 234C on the unpaid taxes.
      You can write an email to support@cleartax.in and we will assist you with your IT Return.