Impact of Late Filing of Income Tax Return..!

Here is a list of benefits anyone miss on in case skip the July 31 (For the year 2015 is August 31) deadline:

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·      Late refund..!

 If you file your ITR late, you will also get your excess income tax paid refunded late. This is a loss as you could have put to the money to better use & you obviously loose on the interest part.

·       Can not revise your ITR..!

Anyone can not file a revised return in case you filed your original ITR late. This can be a major drawback if you find some error on a later date or / just forgot to take advantage of some income tax exemption.

·       Can not carry forward your losses..!

Anyone can not carry forward following losses in case of delayed filing:

·   Speculation loss, business loss excluding loss due to un-absorbed depreciation & capital exp on scientific research, short term capital loss,long term capital loss, loss due to owning and maintenance of horse races.

However, anyone can still carry forward loss from house property. The above list is not comprehensive & may impact you the wrong way in case of late filing of income tax returns.

 Monthly 1% Late payment fee on tax due..!

In case after adding up all the TDS and advance taxes, if there is any tax payable from your side, you will need to pay monthly 1% (yearly 12%) late fee on the amount due for each month of delay.

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