Importance of 31st March 2016

It is mandatory for a taxpayer to file Income-tax return if his total income exceeds the basic exemption limit (i.e. Rs 2,50,000/- for FY 2013-14 & FY 2014-15). Also, if you want to claim refund or carry forward certain losses for FY 2013-14, you are required to file Income-tax return. Moreover, return filing is compulsory if you are a resident individual having any foreign asset.

If you have missed to file the return, do not worry, you still can file a belated return for FY 2013-14 but till 31st March 2016 only. As they say, it’s better late than never.

31st of March, 2016 is also an important date for filing of Income-tax return for the Financial Year 2014-15.

Possible consequences if return is not filed by this date:

  1. If there are unpaid tax dues, taxpayer will be liable for additional interest (u/s 234A) @ 1% per month for late filing of return.
  2. A penalty of Rs. 5000 may be levied by your Income-tax Officer. This penalty can be invoked for FY 2014-15 if Return is not filed till 31st March 2016.

Please note that Income-tax return for FY 2013-14 will not be accepted after 31st March 2016.

So, hurry up, only few days left!

For support we are always there for help on myitreturn@skorydov.com .

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Importance of 31st March 2016
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It is mandatory for a taxpayer to file Income-tax return if his total income exceeds the basic exemption limit (i.e. Rs 2,50,000/- for FY 2013-14 & FY 2014-15).
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myITreturn
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4 thoughts on “Importance of 31st March 2016

    1. myITreturn Team - DP Post author

      Dear Sir,
      You can file returns from our website , ITR-1 is free. If you want to purchase the software and need a demo of the same, then request you to please call on 9320546103 , so that we can discuss about the demo to be given to you.

      Reply
  1. Ravi

    Dear sir,

    I am GreenCard holder and filing returns in USA . My returns include rentals that I am receiving on my property in India. Do I need to file returns in India also?

    Reply
    1. myITreturn Team - DP Post author

      Dear Sir,
      Yes, you need to file income tax return as you are having rental income from property situated in India.However, if you have paid tax in India on this income, you can claim a foreign tax credit in your US tax return.

      Reply

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