Can you File your Income Tax Return after Due Date 31st July ?
This video is about, whether one can file their individual income tax return after the due date i.e. 31st July and if yes what all consequenses and things need to be taken care of.
This video is brief only
The answer to the question is "yes" you can file your return after the said due date for the individual assesses whose books of accounts not required to be audited.
However there are few disadvantaged of filing return after due date which are as follows;
1. You will not be able to carry forward your losses if any.
2. There will be late filing fee of Rs. 1000 of 5000 as the case may be
3. Will not be able to revise you return
4. if there is income and information available with the department, even then you did not filed your return till the end of the assessment year the income tax department may issue notice and charge the assessed with many other serious penal provisions concealment of income.
So filing your correct return and on time is always recommended
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TEAM VMR
DISCLAIMER: This video and content is for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Nothing herein is intended to nor constitutes a guarantee, warranty or prediction regarding the outcome of your legal matter.