What is the last date of filing income tax return for 2012-2013 AY?
For 2012-2013 AY government has extended last date of E-filing till 31st Aug, 2012. Read below.
For Small Entities
This includes individuals/salaried or income from house property, interest income or even from business/trading where accounts are not required to be audited.
The last date of filing income tax(IT) return is 31st July. Let me make clear that you can file income tax return till 31st March of next year. If you've net outstanding to pay to IT dept. then you'll need to penalty of 1% interest/per month from 1st April till the date of filing.
So if you have Rs. 10000 outstanding and you file on 1st Dec. then you need to pay penal interest of Rs. 900 ( April-Dec.). But if you file by July 31st then no penal interest you'll need to pay.
But if you've NO outstanding amount to be paid then you can file income tax return by 31st March of next year without any penalty. If you choose to file it online electronically then you get further 120 days time to send the signed acknowledgement to IT dept.
If your income exceeds the exemption limit specified by IT dept. without deduction of 80C - 90U, 10B,10A and 10BA then if you do not file return by 31st March next year then IT dept. can fine at it's discretion Rs. 5000 penalty. For assessment year 2012-13 the minimum exemption limit now is Rs. 2 lacs(Read here).
Disadvantages of late filing of income tax returns
For individual last date of filing returns is 31st July.
Loss Carry Forward: If you want to carry forward loss to be adjusted against long/short term profit later then it'd not be possible
Rs. 5000 penalty: If filed after 31st March of next year then IT dept. can charge penalty of Rs. 5000 for late filing
Can't revise return: You'll not be able to revise your return which can be done within 1 year of filing of your timely filing of return in case of corrections/mistakes
Last Due Date of Filing Returns
Small entities as explained above
Corporate assessees who need to file report under 92E of IT Act
Last Date of E-Filing extended
Due to power shortage, last date has been extended 31st Aug, 2012 for E-filing of IT returns. You have not filed till now then you can e-file now and it'll not be considered late filing. Only E-filing!