FILING OF INCOME TAX RETURN AFTER DEADLINE

All Tax Payers should file their Income Tax returns even after deadline...

A press release of PIB Mumbai said that those who missed the deadline of August 5 can still file their income tax returns...

IT Department urges all those tax payers to file their IT Returns, who missed even the extended deadline of August 5.

The Income Tax Department has urged all those tax payers who have not filed their Income Tax Returns, even by the extended deadline of August 5, 2013, to file their returns at the earliest to keep away unavoidable difficulties.

Those who missed the deadline of August 5, 2013 can still file their IT Returns.  If all your taxes are paid and there are no refunds to be claimed it is quite straight and simple. The IT return can be filed before March 31, 2014.  If the return is not filed by March 31, 2014,  there will be a penalty of Rs 5000 that will be levied.  Those with tax dues will have to pay late payment fee leviable for every month of delay since April 2013.

All those with total income of Rs 5 lakh and above and all those having foreign assets have to mandatorily file their IT returns online. More than 1.23 crore tax payers filed their returns online this year. Those with total income less than Rs 5 lakh can file their returns off-line.

While Income Tax Department gives taxpayers certain grace period to file their returns, there are certain disadvantages associated with late filing of IT returns.  Those who file their returns late, can not modify their returns if there are any mistakes. They also can not carry forward any short term and long term losses.

The Department keeps a close watch on transactions and possesses necessary tools to detect tax evasions. A person defaulting in filing returns of income could be liable for prosecution u/s. 276CC of the Income Tax Act, 1961.

Conviction may result in rigorous imprisonment for a term not less than six months but which may extend to seven years and a fine, if the tax liability which has been evaded exceeds Rs 25 lakhs.  In other cases ( tax evasion below Rs.25,00,000/-), a defaulter would be liable for conviction for not less than three months but which may extend to two years and a fine.

It may be recalled that recently, the Additional Chief Metropolitan Magistrate, New Delhi sentenced a tax payer to six months imprisonment in one assessment year and one year imprisonment in subsequent Assessment Year for repeating the offence of not filing return of income.

PIB News

Press Information Bureau 

Government of India

Ministry of Finance 

22-July-2013 18:22 IST

Special IT Return Receipt Counters for Salaried Tax Payers With Income Upto Rs. 5 Lakh 

The CBDT has, vide notification dated 1-05-2013, made E-filing of Return compulsory for Assessment Year 2013-14 for persons having total assessable income exceeding Five lakh rupees. 

The CBDT vide its earlier notifications had exempted salaried employees having total income upto Rs. 5 lakhs including income from other sources upto Rs. 10,000/- from the requirement of filing return of income for assessment year 2011-12 and 2012-13 respectively. The exemption was available only for the assessment year 2011-12 and 2012-13. The exemption was giving considering ‘paper filing of returns’ and their ‘processing through manual entry’ on system. 

However, this year the facility for online filing of returns has been made user-friendly with the advantage of pre-filled return forms. These E-filed forms also get electronically processed at the central processing centre in a speedy manner. Hence, the exemption provided during the last two years is not being extended for assessment year 2013-14. Taxpayers are encouraged to file their returns electronically. E-filing is an easy, fast and secure method of filing of income tax return. Moreover, Digital signature is not mandatory for these taxpayers and they can transmit the data in the return electronically by downloading ITRs, or by online filing and thereafter submit the verification of the return in From ITR-V acknowledgement after signature to Central Processing Centre. The processing for E-filed returns is faster. 

From 25th July to 31st July 2013 (Except 27th and 28th July being holidays), Special Return Receipt Counters (FOR SALARIED TAX PAYERS) will operate at Pratayakshar Bhawan, Civic Centre, Minto Road, New Delhi this year. (Instead of Pragati Maidan and Mayur Bhavan as were done in the past). 

The special counters have been set up jurisdiction wise as follows: 

• For CIT-XIV Charge (Govt. Salary) at ‘B’ Block, Ground Floor in Civil Centre, 

• For CIV-XV Charge (PSUs/Schools/Colleges/Bank Salary) at ‘C’ Block, Ground Floor in Civic Centre, 

• For CIT-XVI Charge (Private Salary) at ‘C’ Block, Ground Floor in Civil Centre, 

• In addition special counters separately will function at ‘B’ and ‘C’ Block in Civic Centre for Senior Citizens and Differently abled persons. 

As Returns of Income above Rs. 5 lakhs have to be e-filed online mandatorily, the same will not be received at any of these special counters. Only paper return of income upto 5 lakhs can be filed at these counters. Other facilities like Helpdesk, Tax Return Preparers (TRPs), UTI/NSDL counters, Bank, tax payment facility, PAN facilitation counter etc. Will be also available at Civic Centre, New Delhi during the same period.