The last-minute rush of filing tax returns is over. Hounded by the 31 July deadline, most people manage to scrape through, filing their returns on time. Yet, there are some who, for one or the other reason, fail to do so. If you are among the latter and worried about breaching the law or facing a heavy penalty, don't press the panic button just yet. You can still file your returns and chances are you won't have to pay a penalty.
The return for income earned in the financial year ending on 31 March should ideally be filed by 31 July for non-business taxpayers. But if the taxpayer has missed the deadline in spite of having four months in hand, he can do so till 31 March 2013.
In such a case, the penalty to be levied would depend on the status of the tax to be paid.
If tax has been paid
If you have paid your taxes, there's little to worry because you can file the returns before 31 March without paying a penalty.But if you push the new deadline and file the return only after 31 March 2012, the assessing officer may impose a penalty of Rs 5,000,. This amount may depend on the discretion of the assessing officer.
If tax has not been paid
If you have not cleared the taxes, you will have to pay a penalty at the rate of 1% per month for the period after 31 July. If the tax due is more than Rs 10,000, you are supposed to pay an advance tax on your income in three tranches (see table). In such a case, the 1% penalty per month will be applicable from the period you have not paid the tranche.
If Form 16 has an error
If your employer has made an error in Form 16 and this has crept into your returns, it will have to be corrected. In case a rectification is required, you should go ahead and file the return anyway. Subsequently, you can request your employer to correct the mistake, and after you receive the fresh Form 16, you can file the revised return.
In such a case, the penalty to be levied would depend on the status of the tax to be paid.
If tax has been paid
If you have paid your taxes, there's little to worry because you can file the returns before 31 March without paying a penalty.But if you push the new deadline and file the return only after 31 March 2012, the assessing officer may impose a penalty of Rs 5,000,. This amount may depend on the discretion of the assessing officer.
If tax has not been paid
If you have not cleared the taxes, you will have to pay a penalty at the rate of 1% per month for the period after 31 July. If the tax due is more than Rs 10,000, you are supposed to pay an advance tax on your income in three tranches (see table). In such a case, the 1% penalty per month will be applicable from the period you have not paid the tranche.
If Form 16 has an error
If your employer has made an error in Form 16 and this has crept into your returns, it will have to be corrected. In case a rectification is required, you should go ahead and file the return anyway. Subsequently, you can request your employer to correct the mistake, and after you receive the fresh Form 16, you can file the revised return.
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