Its March ending and everyone is busy in the process of closing their books of accounts. Many things must be running in your mind like have you taken into account all your income and related expenses, have you made all your investment properly to avail full deductions and many more things.   While business owners are busy in closing their books of accounts, individual/ salaried persons shall not be relaxed. 31^st March is approaching and it is the last date for filing returns. The Income Tax department provides an extended time for filing a belated ITR till 2 years after the end of the particular Financial Year.   Why 31^st March, 2015?

• For FY 2012-13, 31.03.2015 is the last and final date for filing ITR. It cannot be filed beyond this date and beyond this date you will never be able to file online return for FY 2012-13. Accordingly, anytime after the lapse of 2 years from the end of the Financial Year the only option would be to file a manual return which in itself is very hectic work to do.
• For FY 2013-14, if you do not file your ITR by 31.3.15 then it is to be noted that –

A penalty of Rs 5000 may be imposed u/s 271F by the AO if the return of income is not filed within the end of the relevant assessment year i.e. by 31.3.2015. Such penalty can only be imposed if taxable income for the FY – 2013-14 but failed to file your income tax return within 31^st march 2015. Note: In respect of the returns which will be filed by 31.3.2015, if taxes are not paid either as advance tax or TDS, you may have to pay the interest for non payment of advance tax as well as for delay in filing of income tax return @ 1% for each of the default. So effectively, if adequate tax was not paid earlier, you land up paying exorbitant interest @ 2% for each month of the delay.   We advice to file ITR even if you do not have any taxable income, or all your income is exempt. ITR is a statutory document, and may be asked as a proof while opening a new bank account, applying for an overdraft facility, loan or passport or any other such basis thing. So, just hurry up and file your return. Don’t wait for the last date to arrive. To file your return properly and within due date, you may reach us on https://taxmantra.com/online-tax-return/  ____________________________________________________________________________________________________