Deadline For Filing I-T Returns Extended Till March 2015

You do not need to lose sleep anymore if you have missed the July 31 deadline for filing the I-T return. The government has extended the deadline for filing the returns till 31 March 2015 – the last day of FY2014-15. Moreover, there is no penalty for filing the return late if all your taxes have been paid.

Even if they miss the 31 March, 2015, deadline too, they can still file their return by 31 March, 2016. But this will be considered as a belated return. There is no difference in the filing procedure before or after the deadline but you need to mention that the return is a belated one in the tax form. There could also be a fine of Rs 5,000 for late filing, depending on the discretion of the assessing officer.

However, as per tax experts, the fine is rarely imposed if all the taxes have been paid. The assessing officer invokes that provision only when there is an additional tax liability.