Important information on e-filing of Income Tax Returns FY 2011-12 and FY 2012-13:
LAST CHANCE TO e-FILE YOUR TAX RETURN FY 2011-12…..
One can can still e-file your Income Tax Return for FY 2011-12 (AY 2012-13) and FY 2012-13 (AY 2013-14) before the financial year end 31st March 2014. Do not wait for the last date or do not avoid filing of Income Tax Return. Late filing or Non filing of Income Tax Return can lead to:-
• The Income Tax Department (ITD) is sending show cause notices to all the tax assessee for non filing of their tax returns since FY 2008-09 AY 2009-10 onwards
• Non filing of Income Tax Return whose taxable income is more than threshold limit of Rs 2,00,000 can lead to heavy penalties and interest up to 300% of the tax demand outstanding if any.
• E-filing of Income Tax Return is mandatory for all the tax assessee whose gross total income is over Rs 5,00,000 for FY 2012-13 and onwards. No paper return will be entertained.
• Income Tax Department can levy penalty of Rs 5000 for non filing of tax return other than interest on tax outstanding. Assessing Officer is empowered to levy the penalty.
• Belated Income Tax Return can be e-filed for the last two previous years i.e FY 2011-12 (AY 2012-13) and FY 2012-13 (AY 2013-14). The last day for filing of tax returns for FY 2011-12 (AY 2012-13) is 31st March 2014.
• After the due date of filing return, interest on outstanding tax due is charged at 1% per month till the tax payment is made and return is filed. The earlier the return is filed, the lesser the interest on tax due is required to be paid.
One can use digital signature to file the return with no hassle of submitting ITR by post which may get lost and finally will be treated as return not filed.
