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Hardships to be faced by failing to file IT returns!
Posted on: 01/Sep/2014 2:20:16 PM
31st July is the last date for all monthly salary earners to file their income tax returns.
However, it is common that many individuals would have failed to file their IT returns to various reasons.
How to make amends?
Individuals who failed to file their IT returns can do that till March 2015. No fines/penalties will be imposed. This filing late is known as ‘belated return’.
What are the harms/hardships for failing to file IT returns?
- 1% interest per month salary has to be paid in addition.
- If there is any claim for refund, failing top file IT returns on time will delay the refund payment further.
- There will be difficulties in carrying forward any commercial or capital losses incurred during the filing year.
- If there are any errors in your submission, this cannot be verified and resubmitted.
- Filing IT returns on time is very essential in cases when applying for visa to a foreign country or application for housing/car loans as your IT returns for the last 3 years would be required for a check.
- Individuals filing their IT returns after July, will need to be very watchful while filling in the details of income. This is required as there will be no chance to correct & resubmit as you are already late.
- Hence, it is proper to check all the income particulars least 2 times to ensure that there are absolutely no mistakes.
