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

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(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.