For Year ending Mar 13, Income tax return filing due date was 31 st July. Due to heavy load on income tax efilling site the last date was extended to 05.08.2013.

Still there are some of us who have missed the deadline of 05th August 2013. What is the impact of late filing of income tax return , is there any penalty for filing late return, is there any interest on late filing of income tax return, in this article we are answering the FAQ on impact of late filing income tax return.

In case you miss 05.08.2013, for year ending mar 13 (ie Assessment year 2013-2014) then you can still file income tax return by 31.03.2015.

Case A) If you file income tax return by 31.03.2014 :  

1) Penalty: Then there is no penalty for late filing of income tax return
2) Interest for late filing : No interest is payable in case there is no tax due.
However, If there is any income tax due, then interest under section 234 A is payable for late filing of tax return.

Case B) If you file income tax return by 31.03.2015

Impact is given below:
1) Penalty: Then there is penalty of Rs 5000/- for late filing of income tax return.
2) Interest for late filing : No interest is payable in case there is no tax due.

However, If there is any income tax due, then interest under section 234 A @ 1% is payable for late filing of tax return till the date of filing income tax return.

This interest will be in addition to the 1 percent per month interest on non-payment of advance tax (for amount due after calculating TDS, amounting to over Rs 10,000).

Other Impact of missing the due date of 05.08.2013

1) Loss cannot be carried forward: if there is any capital loss, the loss cannot be carried forward. However house property loss and business loss on account of unabsorbed depreciation and capital expenditure on scientific research can still be carried forward to be set off against income of next year.
2) If there was any refund due: Then your refund will be processed late, resulting in loss of interest for yourself.
3) Revision of return is not possible: If you file your return after 05.08.2013, and later you find any mistake in your income tax return then you will not be able to revise the Income return.
- File your Income tax return with TaxDost.com

Cost Inflation index for financial year 2013-14

Income tax department has notified Cost inflation index(CII) for the financial year 2013-14. Income tax department issued every year CII figure which shows the inflation figure and it is very useful for calculating capital gain on the sale of the property. Income tax department has issued a notification no. 40 dated 6 June 2013 about the cost inflation index for the financial year 2013-14 and CII is 939. Full notification as well as cost inflation index of 33 years starting from financial year 1981-82 is as follows. New Delhi, the 6th day of June, 2013 S.O. 1464(E) – In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes published in the Gazette of India, Extraordinary, vide number S.O. 709(E), dated the 20th August, 1998, namely:- 2. In the said notification, in the Table, after serial number 32 and the entries relating thereto, the following serial number and entries shall be inserted, namely:- Cost Inflation Index for Year 2013-14 is 939 - See more at: http://www.taxdost.com/cost-inflation-index-for-financial-year-2013-14/

What is ITR V

What is an ITR-V?

ITR-V stands for ‘Income Tax Return – Verification’ form.

What is the significance of ITR V?

ITR V  is received when you e-file Income Tax Return without using a digital signature. Income Tax Department verifies the genuineness of income tax return when filed online without using a digital signature.

What I am Supposed to do ITRV?

One copy of ITR V should be saved in your records.
Another copy of ITR V should be signed and send to the Income Tax Department to complete the Income tax Return filing process.

Where should i Send ITR V?

To complete the return filing process, follow the below mentioned steps –

• Print and sign ITR-V.
• Do not fold this signed ITR-V. Enclose the same in A-4 size envelope.
• Mail the envelope within 120 days of e-filing to –

Income Tax Department CPC
Post Box No.1,
Electronic City Post Office,
Bangalore 560100, Karnataka.
Upon receipt of ITR-V, Income Tax Department will send an e-mail acknowledging the receipt of signed copy of ITR-V. This is your acknowledgement.

How will I know that my ITR V is received by Income tax department?

On receipt of ITRV you will be getting email and SMS from Income tax department. You can also login to income tax efilling site and know the status of ITR-V received or not?

What to do in case Income tax department does not receive my ITR V?

In case you do not get confirmation from Tax Department, please sign the ITRV again and send it by normal post.

Can I submit the ITR V by Courier?

ITRV sent by courier is not accepted. Tax Department has clearly stated to use Normal post or speed post only.
What if I do not submit ITR-V within 120 days?
If you miss submitting your ITR-V within 120 days, your return is consdired as never being filed.
In such a case you will have to file revised tax return, get a new ITR-V, acknowledgement number and submit again within 120 days.
Efile Income Tax Return  with Tax Dost.com

Income tax forms for filing income tax return for AY 2013-2014

Income Tax form for assessment year 2013-14 are released by Income Tax department. ITR-1 (Sahaj) ,ITR-2 ,ITR-3, ITR-4 and ITR-4S( sugam) has been released . ITR-5 and ITR-6 can only be filed through e filing mode .

Important points to be noted;

1) Due date to File income tax return for Assessment Year 2013-14 for non -audit cases is 31.07.2013.

2) All Individual/ HUF whose income exceed 5 Lakh have to e file their income tax return with or without digital signature.

3) Please use correct form for filing Income tax forms.

Correct Income Tax forms and  people who can use these Income tax forms is given below.  You can download Income tax forms from here.

Usage of Forms	Person	Form No	Instructions
For Individuals having1) Income from Salary / Pension/2) Income from One House Property(excluding loss brought forward from previous years) /3) Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses	Individual / HUF	Form 1 / Sahaj
1) Individual who can not file Sahaj above and 2) where the total income does not include any income chargeable to income-tax under the head “Profits or gains of business or profession”,	Individual / HUF	Form 2
For Individuals/HUFs1) being partners in firms and2) not carrying out business or profession under any proprietorship	Individual / HUF	Form 3
For individuals and HUFs having income from a proprietory business or profession	Individual / HUF	Form 4
Sugam – Presumptive Business Income tax Return	Individual / HUF	Form 4S /Sugam
For Partnership firms, AOPs and BOIs	Firms, AOPs and BOIs	Form 5	E filing only
For Companies other than companies claiming exemption under section 11	Companies	Form 6	E filing only
Acknowledgment for filing Income tax Return		ITR V

Don’t worry about selecting the correct form.

Call us now and File Income tax return now with TaxDost.com in 3 easy step.

Efiling is complusory if Return is more than Rs 5 lacs

From Assessment year 2013-2014 ( Previous year 2012-2013) eFiling Income tax Return is mandatory for those income taxpayers whose income exceed Rs. 5 lakhs.

Last year 2012, the Central Board of Direct Taxes (CBDT) had made it mandatory for all individuals and Hindu undivided family (HUF) having annual income of more than Rs 10 lakh to file their returns electronically for which digital signatures are not necessary.

You can eFile without digital signature, in which case ITR-V form has to be physically signed & filed with the department’s Bengaluru office.

eFiling minimises the interface between Assessing Officer and Assessee.

Those salaried tax payers who have income of less then Rs.5.00 lakhs per year but have income from house property and other sources can file their returns in Sahaj (ITR1).  You can download Sahaj ( ITR 1)

For more details Visit Tax Dost.com