Last Date for Filing Income Tax Return

Friends
           Yes, Last date for submission of Income Tax Return is 31.07.2010 for those whose accounts are not required to be audited.  It means salaried, pensioners and getting capital gain etc. are to be submitted their return upto 31.07.2010.   Now a question arises that  what will happen if an assessee do not submit his return in time.

         There is no doubt that Rs. 5000/- as penalty can be imposed in case assessee do not submit his return in time.  But as per Income Tax Act u/s 139, return should be submitted before the end of assessment year otherwise penalty can be imposed. 

         The persons whose tax is liable to due/deposit and  his accounts are not required to be deposited should be careful in this regard.   He must deposit his Income Tax amount on or before the 31 July 2010.  In case he do not deposit his income tax amount , Interest will be charged for all period.  Means April to Onwards for which he has not deposited income tax . 

              Secondly benefit for submit income tax return in time is that  Loss can be carried forward.  I mean to say if we do not submit our income tax return in due time and there are loss in our return we can not avail benefit of losses in next year. 

Overall keeping in view above all facts, It is clear that penalty of Rs. 5000/- u/s 139 will not be charged  due to return not submitted upto 31.07.2010. However it is advisable that everyone should try to  submit his income tax return upto 31-07-2010 whose accounts are not required to got audited to avoid any complication in future.  


Click on Title/Subject of this post to know more regarding Last Date for Filing Income Tax Return. 


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