Did you miss the 31st July Return filing deadline for the income of the financial year 2013-14? There may be a situation when due to personal limitations we are unable to meet the return filing deadline. Some Penalties may be imposed by the IT department in such cases. For returns which are submitted after the due date Interest is payable under section 234A @1% (simple interest) on the unpaid tax for each day’s delay in filing your return. In some cases Interest under section 234B and 234C may also be applicable. Additionally, for delayed returns, no revision is possible. The IT department does not allow revisions of such returns which are submitted late. So while filing your delayed return, do make sure all the details are accurate and there are no omissions.
Calculating Penalties Payable on Delay – When you file with ClearTax, our portal automatically take care of this penal interest that is payable and calculates it for you. You can also review the calculations before you finally submit your return.
Will the department pick up my return for scrutiny since it’s delayed? CBDT the Central Board of Direct Taxes has said it would be sending notices to those who haven’t filed their returns yet-read here. However, barring the interest payable, there is no reason for the tax authorities to take up a scrutiny or take any adverse action against you. Also, a case can be randomly picked up for scrutiny and this does not depend on when the return has been filed.
Reach out to us and we will help you file your delayed return soonest!