Have you missed the Return filing deadline of 31st July? Don’t delay it any further, file your return now. Here’s why –
- Interest on late filing – For each day of delay in filing your Return, you will be liable to pay Interest @ 1% per month (simple interest). The amount on which interest is calculated is the tax (tax payable on your total income) after reducing advance tax paid, TDS, relief under section 90. This is applicable under section 234A. Therefore, in case you have paid all the tax that was due from you before 31st July, the interest payable under this section shall not be applicable to you.
- Delayed Refund – In case you ended up paying excess tax or excess TDS was deducted from your income – a late return could result in a delayed refund. Additionally, Interest is paid to your on your refund which is calculated at 0.5% for each month after the month in which you file the return. If you submit your return by 31st July, interest on your refund is calculated from 1st April 2014(from the start of the assessment year) – so any further delay makes you lose out on interest on your Refund. (Note that interest on refund is paid only when refund is more than 10% of the total tax payable).
- No Revisions allowed – This is really the hardest drawback of not filing your Return on time. A return filed after the due date is not allowed to be revised. Any errors, omissions – you will not have a chance to correct those. Any deductions you may have missed or TDS that you skipped reporting, you will not have an opportunity to revise these mistakes.
In case you have not filed your Return on time, please do not delay any further – get in touch with us. Our CAs can help you file – they will go through your return and make sure everything is accurate and make the process worry less for you. Do reach out to us firstname.lastname@example.org if you have any questions and we will be happy to assist you!