Income Tax Returns -Some Clarifications

ഇന്‍കം ടാക്സ് റിട്ടേണുകള്‍ സമര്‍പ്പിക്കുന്നതിനുള്ള സമയ പരിധി സെപതംബര്‍ ഏഴ് വരെ ദീര്‍ഘിപ്പിച്ചു ഉത്തരവിന്റ പകര്‍പ്പ് ഇവിടെ
ഇന്‍കം ടാക്സ് റിട്ടേണുകള്‍ സമര്‍പ്പിക്കുന്നതിനുള്ള അവസാനദിവസം ആഗസ്ത് 31 ആയിരുന്നു. ഇതുമായി ബന്ധപ്പെട്ട് ചിലരുന്നയിച്ച സംശയങ്ങള്‍ക്കുള്ള മറുപടി

You can file income tax return even after the due date. Such returns are called belated returns. However, there are some disadvantages of filing a belated income tax return:

1. You cannot carry forward the losses incurred during the head under ‘Capital Gains’ or ‘Profits and Gains of Business or Profession’
   
2. You cannot revise such return later
   
3. You may have to pay interest under section 234A @ 1% per month (or part thereof) of delay in filing the return. Such penal interest is computed on the amount of income tax due as on the first day of the assessment year. Therefore, if you did not have any outstanding tax liability as on that date then the amount of penal interest under section 234A will be Nil.
   
4. If you are claiming a refund and you are eligible to receive interest on your refund then you are not eligible to receive interest on the period of delay.
   
5. If you file the return a year after the end of the financial year, the income tax officer can levy a penalty up to ₹ 5,000 for the delay.
   
6. In any case, a belated return cannot be filed after 2 years from the end of the relevant financial year.
   

ടാക്സ് അടച്ചിട്ടില്ലത്തവരും റിട്ടേണ്‍ ഫയല്‍ ചെയ്യേണ്ടതുണ്ടോ?

An individual is required to file his income tax return for a financial year if his taxable income for that year was in excess of the amount of basic exemption applicable to him.

For FY 2014-15, the amount of basic exemption applicable to individuals (other than resident senior citizens and resident super senior citizens) is ₹ 250,000, and therefore all such individuals are required under the law to file their tax return.