If you did not file your taxable tax return or loss return till now file it,because the financial implication may imposed on you ,it may be impact on your financials like penalty,interest and carry forward of losss.Individuals primarily with salary income and certain other tax payers were required to file their tax returns by August 5, 2013, for the financial year 2012-13 (assessment year 2013-14).
Belated tax return :-As per the provisions of the Income Tax Act, 1961 (the ‘Act’), a tax payer who has not filed his tax returns within the due date or as per the time specified under a notice issued to him by tax authorities, may do so for a financial year before the expiry of one year from the end of relevant assessment year or before the completion of assessment, whichever is earlier. Thus, in case a tax payer has missed his due date of filing his returns by August 5, 2013 —for the financial year 2012-13, he could still file his tax return by March 31, 2015.
Penalty for non-filing:-If a tax payer fails to file his returns before the end of the relevant assessment year, then tax authorities may impose a penalty of Rs. 5,000. Therefore, it would be prudent for the tax payer who has missed the deadline to file his returns latest by March 31, 2014, to avoid any penalty.
Revised returns:-Furthermore, there may also be instances where returns have been filed by the due date and subsequently, the tax payer finds some error in the same. In such an event, he may file revised returns any time before expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
Defective returns:-It is also possible that certain errors are observed by the tax department in the filing. Thus, where such authorities consider that returns of income are defective, they may intimate the anomaly to the tax payer and give him a chance to rectify it within 15 days from the date of such intimation or within such further period as may be specified. If the tax payer fails to right the wrong, then the returns filed by him shall be treated as invalid and the provisions of the Act shall apply as he has failed to file his tax returns.
Disadvantages of filing a late return
As per Income Tax Department of India : “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’. This means that if you earned your income during FY 2012-13, you may file a belated return anytime before 31st March, 2015