• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • About Us
  • Executive Team
  • Investors
  • Privacy Policy
  • Terms Of Use
  • Contact Us

  • Blog
  • Tax Services
    • E-file ITR for Salaried
    • E-file ITR for Business
    • TDS E-file for Business
    • Manage Tax Practice
  • Tax Optimizer
    • Optimize Tax – Salaried
    • Optimize Business Tax
  • Help
    • FAQs
    • Glossary
    • Resources
    • Product Tour
    • Tax Calculator
  • Efiling
  • Income & Investments
  • Tax Compliance
  • Tax Optimization
  • Tax Refunds

Missed August 5 Tax Returns Filing Deadline? Here are Implications and What You Should Do Now

November 10, 2016 by Sudhir Kaushik

(As Published in Financial Express on August 8, 2016)
So what happens if you have missed the deadline? Well, to start with the passing of the deadline does not mean much for your actual tax return filing exercise.
You cannot carry forward losses (except loss from house property). You can carry forward losses from equity to set off from capital gains only if you file within the deadline.
The deadline for tax returns filing has passed on August 5, after a slight extension given by the government from the earlier deadline July 31. While most of us would have rushed to meet the deadline and would have completed the formalities, there would be some who could not due to pressing reasons or pure lethargy.
So what happens if you have missed the deadline? Well, to start with the passing of the deadline does not mean much for your actual tax return filing exercise. You can actually e-file your tax returns anytime within the current financial year. However, there are certain implications of missing the deadline which you need to understand.
FeMoney spoke to two tax experts – Sudhir Kaushik, Co-Founder & CFO, TaxSpanner.com and Archit Gupta, Founder & CEO, ClearTax.com to bring to you the implications of missing the deadline.
Here is what you might have to bear in the event you have not yet filed your tax return for financial year 2015-16:
You will not be allowed to revise your tax returns once you file it after the government-set deadline. If you had met the deadline, you could have revised your returns up to 2 years in case you detected any mistakes or incorrect entries.
You cannot carry forward losses (except loss from house property). You can carry forward losses from equity to set off from capital gains only if you file within the deadline
There would be a levy of penal interest @ 1 per cent per month from the due date of filing the return till the actual date of filing.
If you are seeking refunds from tax paid, it may be delayed if you file after the deadline.
Loss of the interest that would have been paid for the period April 1 till date of filing the return.
 

Filed Under: Tax Refunds Tagged With: tax returns, tax returns deadline, tax returns filing deadline

Primary Sidebar

E-mail Newsletter

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

More to See

TDS RETURN FILING: know law, software process and benefits of outsourcing

September 21, 2022 By Aastha Sharma

How Salary Restructuring Helped in Saving Tax?

August 17, 2022 By Sudhir Kaushik

Tags

advance tax black money budget 2017 claims tax benefits CTC Direct Tax Burden e-file tax return elss ultimate returns form 16 gratuity hard earned money home loan nps HRA income expenses income tax declaration income tax department income tax return income tax saving investment declaration Investment tax saving investor financial needs long-term capital gains medical leave encashment National Pension System NPS plan your investments presumptive taxation scheme retirement benefits return filing deadline save tax section 80c self assessment tax service tax short-term capital gains Suggestions Budget 2017 tax tax-free tax details salaried taxpayers tax efficiency tax optimization tax return filing tax saving tax saving tips taxspanner undeclared income

Footer

Services

  • E-file Tax Returns
  • Tax Optimizer
  • Respond To ITD
  • Consult Experts
  • Tax Practitioners
  • TDS Returns

Help

  • Product Guide
  • FAQs
  • Tax Calculators
  • Glossary
  • Contact Us
  • Forget Password

Taxspanner logo
TaxSpanner is India’s largest and most trusted website that offers online preparation and filing of individual Income Tax Returns (ITR).

Read More

Copyright © 2023 · Span Across IT Solutions Private Limited.