Filing Belated (late) Income Tax Returns

Filing Belated Returns If you have missed the 31st July deadline for filing taxes, you still have a chance to file it. According to the Income Tax Department, 'a tax return may be furnished any time before the expiry of two years from the end of the financial year in which the income was earned'. Such returns are termed as 'Belated Returns'. If the late returns are filed within one year, which is before 31st Marc [...]

Filing Belated Returns

If you have missed the 31^st July deadline for filing taxes, you still have a chance to file it. According to the Income Tax Department, 'a tax return may be furnished any time before the expiry of two years from the end of the financial year in which the income was earned'. Such returns are termed as 'Belated Returns'.

If the late returns are filed within one year, which is before 31^st March 2010, no penalty will be imposed if all your taxes are paid. In case some taxes are due, you will be charged an interest of one per cent per month from March 2009. After the expiry of this period, your return will still be accepted till 31^st March 2011. However, you will have to pay a penalty of Rs.5000.

Income tax collected by the government from taxpayers forms a major part of the country's revenue. This money is put to productive use for development works, security, creation of infrastructure and much more. Make sure you file your income tax returns on time to avoid attracting penalties later.

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