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.
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