Whats the last date for filing tax returns?

Question

Hi

Whats the last date for filing tax returns if i have paid all the tax. I have heard that we can file returns by april 31 2007 also if we dont have any tax liability towards govt.

This is about filing tax returns in India

Thanks for the answers.
Is there any fine if i file returns till April 2007(i have paid all the tax and nothing more to pay)

Answer 1

You are right. But the date you have mentioned pertains to FY 2004-2005 and for FY 2005-2006 you may file return upto 31/3/2008.

But please note that in case of former provisions of section 271F(penalty for late filing or non-filing) shall also apply and in case of latter any return filed after 31/3/2007 shall attract provisions of said section.

Hope above clarify your doubts

CA. Deepak Bholusaria

Answer 2

Hi

The last date for filing of return can be catagorised into two segments
1. within time and that is to be filed by the 31st of July of every year. in the current year it is extended to 31st october

2. belated return: this return could be filed before the end of 2 years from the end of the year in which the income was earned. i.e for the financial year 2005-06 by 31/03/2008

Also it is worth noting that in case the department sends a notice demanding the return to be filed by a specific date, that date shall apply.

Regarding your case that you have paid all your tax dues, that is very nice. But the law does not give you any benefit other than the fact that you shall not be charged interest for delayed payment.

You are still liable to any penalties and interest in case of shortfall in all the tax dues computed by the department.

regards

Answer 3

Paying tax without filing returns is of no use.

However, the due date for you as an individual is 31.7.2006 for the Financial year 1.4.2005 to 31.3.2006.

Also note that, the last date by which you need to definitely file the return is 31.3.2007.

When law is the subject, do not use logic. Law is law and we need to abide by it.

Answer 4

For individuals with no audit liability, last date as per I.T.Act is 31st July,2006 for F.Y. 2005-06 subject to extention(otherwise it is 31st oct,2006).
No matter you paid your tax or not,you have to file return in prescribed time limit for escaping from Intt.for any short fall or penalty for late filing of return

Answer 5

on account which you're actually not obliged to record a tax return in India as in line with the extant regulations, there'll be no penalty in any respect in case you do no longer record a return or in case you record a prior due return. Use type ITR 4 if the proportion finding out to purchase and merchandising earnings have been from derivatives finding out to purchase and merchandising for from margin finding out to purchase and merchandising devoid of taking delivery of the shares. IF all the constructive factors of Rs. 50K exchange into from delivery based finding out to purchase and merchandising, you would be able to apply type ITR 2. final date for submitting the return on your case would be twenty ninth February 2009.

Answer 6

you must file for an august extension by april 15, 2006;
and possible further october extension in august.
nothing applies to april 31 for individual returns

Answer 7

If you don't owe then you don't have to file....period, however, the deadline to "file" for those who owe is April 15th. But if you don't owe then you probably have money coming to you......So file....it's easy! I use Turbo Tax software....it does it all for you and you can file electronically!

Answer 8

If you paid all you owe there is no last date