4 REASONS FILE INCOME TAX RETURN TODAY

Today (07.09.2015) is due date to file Income Tax return for non-audit case for assessment year 2015-16 FY 2014-15 for Gujarat - As the CBDT has extended the last date for Gujarat.Every person who have gross total Income exceeding basic exemption limit is required to file Income Tax return even his tax liability is Nil. 

If you are a salaried person and tax has been deducted by your employer even then return filing is mandatory.

Many persons do not  file return on Time as there is no specific penalty on Late filling of return before the end of assessment year. 

However returned filed after the due date shall be treated as belated/late return and  there are some disadvantages of filing a belated/late  income tax return.

Four reason of why you should file Return on Time 

1. Late return can not be revised :This is the Major reason why you should file return on time ,as Belated return can not be revised on later stage .Suppose :You have forget to show some saving under section 80C and on later stage you have knowledge of the same , but if return is not filed on time then you can not revise your return.

2. Loss can not be carried forwarded :You cannot carry forward the losses incurred during the head under ‘Capital Gains’ or ‘Profits and Gains of Business or Profession’

3. Interest on balance Tax under section 234A :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. Loss of Interest on on your refund :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.

So all persons are intimated that they should not wait and file return today

If you are planning to file belated return Then

1. Deposit you Balance Tax due so that Interest under 234A can be saved
2. Deposit unused amount of capital gain in Capital Gain Account scheme
3. Deposit Tax deducted at source to avoid disallowance u/s 40(a)(ia)