Missed to file Income tax return before July 31st? Don't worry you can still file your tax return

Did you miss to file your income tax return before due date?? July 31

Its OK relax...not a reason to worry unless you have any taxes due. Let see how it would be treated by IT department and what you can do..

1. You can file you tax return after July 31st which is called a belated return (just like belated birthday wishes :)).
2. Belated return can be filed within 1 year from the end of the assessment year without any penalty. For example, assessment year for the financial year April 2012 to March 2013 would be April 2013 to March 2014, which means you can file the belated return by March 2014 without any penalty.
3. You are also allowed to file the belated return till one year from the end of assessment year, which is March 2015 in the above example, so you can file the belated return on or before March 31, 2015, however the Assessment office may levy a penalty of Rs.5,000.
4. In case if you have taxes due on your tax return (net liability after deducting the TDS) you need to pay that amount along with 1% interest per month.
5. You can revise the belated return once filed
6. You cannot carry forward the losses if you file belated return.

In case of any questions, use the comment form to post them.