Has the idea of the income tax department always scared you a little? All of us have heard at least one story about someone getting into trouble for not paying their taxes. And what about filing your Income Tax Return? Are you wondering what the repercussions would be if you didn’t file your return? Could you get into trouble with the Income Tax department? Could you be looking at JAIL TIME?!?
Alright, perhaps jail time is a bit excessive but if you have similar concerns about filing your IT return, just read on and everything will start to look a little clearer.
– No one writes you letters anymore?
If you haven’t filed your IT return, you’re definitely going to get one from the IT Department. It’s going to be in the form of a notice telling you to file your return!
– Paid more than you should have and want your income tax / TDS refund back?
Filing your return is the only way to do it. So, don’t wait too long to file your taxes.
– You owe the government money?
If you don’t file your income tax return and pay up, the interest will keep adding up until you do, not to mention a penalty that might be imposed on you. That’s good money you could be spending on yourself!
Damn Those Deadlines!
– 31st July is the last date to file your return every year.
– If you’ve missed this date, don’t worry, you still have until 31st March of the next year to do it.
– If you’ve missed this deadline as well, you have until 31st March of the next year to file.
As you as see, the IT department is very, very patient.
Better Late Than Never
Filing your return late is better than not filing your return at all. For one thing, if you’ve paid more taxes than you had you, you will get your tax refund back; even if late. On the other hand, if you haven’t paid your taxes, you’re going to have to pay interest on this unpaid amount. Filing your return and paying the due amount will help avoid this interest piling up!
Missed A Couple Of Years?
The IT Department is patient, of course, but there’s a limit. It will accept tax returns for up to two years before the year in which you are filing your tax returns.
For example, if you miss the tax deadline of 31st July 2014 for the Financial Year 2013-2014, you have up to 31st March 2015 to file it. If you miss this deadline as well, you will have one more chance to file your returns by 31st March 2016.
If you want to file your taxes yourself, one of the easiest ways to do it is online on the Department of Income Tax website. Go ahead and check it out (https://incometaxindiaefiling.gov.in/)