Who all need to file Income Tax Return by 31^st August 2015   Still in dilemma whether you are require to file your return by 31^st August or not? Lack of awareness among the tax payers is one of the main reasons for low level of compliance towards tax laws. Due date is close and taxpayers shall pay tax and file their return well in time to avoid any interest or penalties.

In case you fall in any of the below mentioned category then you need to file your income tax returns on or before 31st August:

• Individual having income from salary or pension;
• Income from other source like interest income;
• Income from Capital Gain;
• Income from House Property;
• Income from person owning small business and not liable to get their accounts  audited;
• Assessee other than companies having a Gross Turnover below Rs 1 crore;
• Professional having gross receipts below Rs 25 lakhs.

  If any taxpayer, for any reason, fail to file their return by the due date then they the option to file their return by March 31 of the Assessment Year. However, in such case taxpayer shall not be able to revise return of income if any mistakes or errors in the return of income are found.   In addition, interest shall be paid if any tax payable is dueill you actually file the return. So, to avoid any interest and penalty, you must file your return within due date.   If you fail to file return by the due date then you:

• cannot modify your tax return
• cannot carry forward any short-term or long-term losses
• AO may impose penalty up to Rs 5000/- under section 271F
•  interest under section 234A @ 1 % per month is applicable on net outstanding tax due amount

  It is always advisable that even if you do not have the full and exact details, you must file return within the due date so that you don’t lose the option to revise your return. In this regard, it is to be noted that the revised return can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier.   So, rush to file your return to avail the benefits of filing return within due date!!   For any assistance in filing your error free return, visit: ITR Filing  ____________________________________________________________________