2006-09-18 17:05:55 · 12 answers · asked by calebrien 1 in Business & Finance ➔ Taxes ➔ India
Follow these points:
1. Do not worry .No great fault has been committed by you.
2. You can file the return up to 31/03/2008. Actually you can file return even after that provided your application for such intention is approved by the Commissioner of Income Tax.
3. Following consequences may arise on account of return filing after 31/7/06 for Asst Yr 2006-07
> If there is tax liability , you may end up paying interest u/s 234A .
> If you file return after 31/3/2007 which you can file legally , may bring penal provision u/s 271F of the I T Act. Again do not worry, generally it is not initiated and even if initiated, you can stll give reasons why the penalty of Rs 5000 not be imposed.
> If you file rteun after 31/ 7/06 , you may not able to revise the Return .
I would say, do not worry .Just file your Return which Govt wants you to do.You can also visit my recently started blog "Frequently asked question on Income Income tax Act" for more information .Click www.q4tax.blogspot.com
2006-09-20 04:37:35 · answer #1 · answered by q4tax 3 · 0⤊ 0⤋
What you can do is simply file a belated return. i,e.return filed lately or beyond the due date. As per the Income tax Act,1961 a belated return can be filed before 1 year from the close of the assessement year. i.e in your case you do not file return for the assessment year 2006-07.Therefore belated return can be filed before 31.03.2008. The only thing is if you received already a notice from the Income tax dept then you need to file the return within the date mentioned in that return. Else before 31.03.2008 along with interest U/S 234-A
2006-09-18 20:09:46 · answer #2 · answered by sandeep k 5 · 0⤊ 0⤋
What you can do is simply file a belated return. i,e.return filed lately or beyond the due date. As per the Income tax Act,1961 a belated return can be filed before 1 year from the close of the assessement year. i.e in your case you do not file return for the assessment year 2006-07.Therefore belated return can be filed before 31.03.2008. The only thing is if you received already a notice from the Income tax dept then you need to file the return within the date mentioned in that return. Else before 31.03.2008 along with interest U/S 234-A
2006-09-18 19:23:33 · answer #3 · answered by rajendra p 1 · 0⤊ 0⤋
You can still file the return till 31.3.2007. If you owe the government money, you will have to pay interest on unpaid taxes. If not, there is no penalty.
However, the assessing officer can send you a notice for filing a return at any time during this period and in that case you will have to file the return within the time given in the notice.
2006-09-19 20:23:58 · answer #4 · answered by sonali_n 2 · 0⤊ 0⤋
If you are talking about US income tax returns, you already missed the deadline. The first deadline is April 15th. You can file an extension, but all tax money is due April 15th or you will get penalties and interest charged to you. If you have a refund coming, you do not owe penalties or interest. If you filed an extension, your tax return was due August 15th for federal income tax returns. The due date for state tax returns vary from each state. You can call your state income tax return department or look in your state income tax guide for the due dates.
2006-09-18 17:17:45 · answer #5 · answered by RKC 3 · 0⤊ 0⤋
Just find an accountant or get it done by someone, and send it in. You will not get penalized for filing late if the IRS owes you money. Now, if you owed them money, they will penalize you a little bit. They would love to hang on to your money forever, and being salaried you will probably get money back. You can also just, get it done next tax season, when you get your 2005 W-2 in. Do both tax returns at the same time, although I recommend getting it done as soon as possible.
2006-09-19 04:28:15 · answer #6 · answered by Chris 3 · 0⤊ 0⤋
If had filed extension Tax would be due 10/15/06; not 8/15; for 2005 tax year so would be set. Just file normally & pay the piper now
2006-09-19 03:31:17 · answer #7 · answered by vegas_iwish 5 · 0⤊ 0⤋
Just file it and pay the penalty....here is what the IRS says:
http://www.irs.gov/businesses/small/article/0,,id=108327,00.html
If you owe them money you will have to pay a small penalty, if they owe you money they are fine .. they don't mind having the use of your money a little longer. File it ASAP. Go get a program called TAXCUT from Office Depot or Office Max ...you may even be able to find it at Walmart ... and then you can follow all the steps in the program and file it... it will even take you through the stepst to pay the penalty. Otherwise go to a tax prepare like H&R Block and have them do it.
Good luck
2006-09-18 17:16:37 · answer #8 · answered by MeInUSA 5 · 0⤊ 0⤋
What does being salaried ought to do with crap?? some salaries are low, some are severe. some hourly wages make more advantageous than saleried. Busines human beings infrequently paty taxes? Are you retarded? look on the IRS tax stats. the suitable a million% will pay ten circumstances the completed median earnings decision. Do your self a decide on and seek for understanding before asking what looks a futile atempt at a rhetorical question. more advantageous earning do no longer PAY a lot less TAXES, YOU ALL ARE BRAINWASHED, look up IRS TAX STATS. TAX businesses more advantageous AND positioned human beings OUT of work. imagine human beings imagine.
2016-11-28 00:43:30 · answer #9 · answered by ? 4 · 0⤊ 0⤋
Dear ,
There is no problem at all.
You find an auditor and he will charge Rs.350 to Rs.300 as service charge and he will file your returns.
The penelty charges may not be there and if at all they levi it will be very minimum.
For your information I have filed IT for the past 2 years last week only.
No issues & Complications.
Since money comes to Government & you are Volunterily disclosing there will not be any problem.
2006-09-18 17:58:41 · answer #10 · answered by mannan_malar 2 · 0⤊ 1⤋