When You Did Not File Last Year’s Return

Most of your colleagues and friends are filing their IT Returns for this year – everyone is egging you on to file your IT Return. You realize you did not file your return for last financial year 2012-2013? And you wonder, besides filing for the current year 2013-14 whether you can file for the last year as well.

Yes – ClearTax currently supports e-filing of Returns for financial year 2012-13. You can use your existing login details and e-file both your AY 2014-15 and AY 2013-14 Returns.

Here’s how easy it is Did not file 2012-13 Return

When you file a Return for the last financial year 2012-13 now, please be aware of these consequences when you file such belated return –

  • You may have to pay interest under section 234A – read here – https://blog.cleartax.in/income-tax-department-penalties-section-234a/
  • A penalty of Rs 5,000 under section 271F will become payable
  • You will NOT be able to revise such a return – so you have to be extra careful while filing your return for the last year.
  • Some losses may not be allowed to be carried forward and you may lose the opportunity to set those off (against future income) – Short term capital loss, Long term Capital Loss, Speculation losses, Loss from a specified business under section 35AD, certain business losses & loss from the activity of owning & maintaining race horses.
  • Certain deductions under section 10 and 80I will not be available.

Go ahead NOW and file your returns for the current AY 2014-15 as well as last year if you need to. If you need help with filing your returns reach out to us support@cleartax.in we are always happy to help!

 

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