Most of you who have already missed this year’s return filing deadline, assume that you can postpone this activity indefinitely. However, this is not true. Here is a list of reasons to file your return now without any further delay:
Notice And Penalty For Mismatch With Cash Deposits:
With the sudden demonetization of Rs. 500 and Rs. 1000 currency notes, all cash deposits in bank accounts have come under the radar of Income Tax Department. In the current scenario, depositing cash in your bank accounts without matching with your declared sources of income can lead to penalty notice.
Loss Of Interest On Refund:
Those who are eligible for refund are the worst hit by filing return late. This is because the income tax refund is credited to the taxpayer’s bank account only after e-filing. Moreover, any interest accrued on refund is also calculated from the date of e-filing. Hence, the later you file the return, the more you lose the interest on refund.
Additional Interest Payable On Tax Due:
After the return filing due date, the income tax department charges interest at the rate of 1% for every month of delay. This is more important for those who had changed job during the last financial year or had income other than salary, viz, interest of Fixed deposit, saving account, capital gain on sale of property, shares etc. In these cases, there are high chances of additional tax also being due.
Notice And Penalty Of Rs. 5000 For Late Filing:
You may get slapped with penalty notice if you miss the e-filing date after March 31, 2017. The income tax department can also charge a penalty of Rs. 5000.
Reduce Taxes For Current FY:
While filing last year’s return, you also tend to notice the high taxes paid by you in the last year. You can’t do much about your last year’s taxes now, but you should not wait anymore to save taxes this year. In case you delay further, the scope of tax saving would keep on reducing. This is the right time to work upon your tax savings for FY 2016-17 and accordingly plan your investments. You can avail the combo package of ‘File & Plan Tax’ to file your last year’s return and simultaneously save tax for this year.
Why You Should E-file With TaxSpanner!
Experts at TaxSpanner would ensure correct preparation and filing of your return. This is important because if there is any mistake in the return prepared by you, you will not be able to file a revised return, as the due date of e-filing has expired. Hence, you must file a correct return with the help of tax experts to avoid notice, tax or penalty.
E-file Your Return With us in 3 Simple Steps :
Simply follow the steps mentioned in the email with the subject “Last Chance to E-File your Return for AY 2015-16 and 2016-17!” or write to us at [email protected].