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How costly can the delay in filing tax returns be?

Due date for Filing Income Tax Return for Assessment Year 2014-15 for Salaried Persons and other Assessees who are engaged in business and profession and whose turnover is less than Rs. 100 lakh (in the case of business) and Rs 25 lakh (in the case of profession) is 31st July 2014. In this article we have detailed in the form of Question answers Consequences of Delay in Filing Return of Income or of Filing Return after the due date.

Question:-First, what are the due dates?

Answer:- Assessees having income from salary have to file return of income before July 31 of the assessment year. This is the `due date’ prescribed in section 139(1) of the Income Tax Act, 1961.

Self-employed businessmen and professionals, and those deriving income from let-out property too have to file their returns by this date.

However, businessmen and professionals with aggregate turnover/annual receipt exceeding Rs 100 lakh (in the case of business) and Rs 25 lakh (in the case of profession) have time up to September 30 for filing their return of income.

Question:-Are there any benefits in filing by the due date?

Anwer:- An assessee filing return by the `due date’ provided in the statute is eligible to file a revised return if he discovers any omission or wrong statement therein. Time limit for filing revised return is one year from the end of the assessment year or before completion of assessment. No penalty would be levied for filing a revised return on voluntary basis.

Question:-So, by filing late, does one lose the revision option?

Answer:- Yes. If an assessee does not file his return within the `due date’ and files his return subsequently, he cannot have the benefit of revising the return, as the return filed beyond the `due date’ is treated as `belated return’.

Question:-Any other advantages of sticking to the deadline?

Answer:-The taxpayer gets the advantage of carry forward and set off of losses, such as loss from business and loss under the head `capital gains’. If the return is filed beyond the `due date’ mentioned in section 139(1), these losses cannot be carried and set off against the income of subsequent years.

Yet another advantage of filing return before `due date’ is the eligibility for interest on tax refund from April 1 of the assessment year.

Question:-Can delay, therefore, be wasteful for `refund’ cases?

Answer:-Yes, because where the return is filed after the `due date’, interest on refund is paid only for the period from the month of filing the return to the date of refund. In other words, no interest is paid for the period from April 1 of the assessment year to the date of filing the `belated return’.

Question:-Do those with `nil’ tax liability have anything to fear?

Answer:-Where the return is filed beyond the `due date’, the taxpayer has to pay interest if any, on tax liability existing beyond tax deducted at source (TDS) or tax collected at source (TCS) or the advance tax paid. The question of interest does not arise where tax due for payment is `nil’, as would be in the case of most salaried people who pay their taxes through the TDS route. Legally, a taxpayer can file his return before the end of the assessment year without any penalty (however with penal interest under section 234A). Again, the question of penal interest does not arise in the `nil’ cases discussed above. For the assessment year 2014-15, return of income could be filed up to March 31, 2015.

Question:-How costly can delay in filing IT return be?

Answer:-Apart from interest and penal interest, there are other implications. If the return is filed after March 31, 2015 but before March 31, 2016 the AO (Assessing Officer) could levy a penalty of Rs 5,000 under section 271F. Even when there is no further tax payable on the income admitted, penalty under section 271F is leviable for the delay. If the return is filed after March 31, 2016 then such return would become an invalid return.

simply uploading Form 16 along with basic details in http://itfiling.in/taxfile.php, you can file your return and you will receive Ack through Mail, Like this post and help others to file their income tax return

simply uploading Form 16 along with basic details in http://itfiling.in/taxfile.php, you can file your return and you will receive Ack through Mail, Like this post and help others to file their income tax return

Corporate Identification Number in letter heads
Section 12(3)(c ) of the Companies Act, 2013 which has come into effect from 1st April, 2014 provides that (3) Every company shall— (c) get its name, address of its registered office and the Corporate Identity Number (CIN) along with telephone number, fax number (if any), e-mail and website addresses, if any, printed in all its business letters, billheads, letter papers and in all its notices and other official publications; and (d) have its name printed on hundies, promissory notes, bills of exchange and such other documents as may be prescribed: Provided that where a company has changed its name or names during the last two years, it shall paint or affix or print, as the case may be, along with its name, the former name or names so changed during the last two years as required under clauses (a) and (c).
If any default is made in complying with the requirements of this section, the company and every officer who is in default shall be liable to a penalty of INR 1,000 for every day during which the default continues but not exceeding INR 1,00,000/-.
Important Changes
The Corporate Identity Number which is a 21 digit number allotted by the Ministry of Corporate Affairs – this needs to be now printed in the company letter heads/ invoices and any other official documents of the company. Where there is a change in the name of the company during the last two years then the former name shall also be mentioned along with the current name. The period for which the old name should be mentioned is not specifically stated, but from the language one would infer that it is a requirement for two years. The old name should also be mentioned in the name plates which is required to be prominently affixed outside the registered office of the company. So all companies are requested to please start complying with this new requirement from 1st April, 2014 onward s.
The CIN gives a unique identity to the company. The constitution of the 21 letters is not random. Below is the constitution:


You can check the CIN number of your company on the Registration certificate or can use the following link:
http://www.mca.gov.in/DCAPortalWeb/dca/MyMCALogin.do?method=setDefaultProperty&mode=31
Type first few characters of the company name and click on search, from the list select the company, it would display the CIN No.