Tax Filing- Mandatory for Salary up to Rs 5 lakh per annum

Circular for compulsory filing of Income Tax Return, for people having salary up to Rs 5 lakh per annum, was issued on 22 July and last date of filing income tax return was 5 August. Considering that people got less time for filing returns and they may missed it, Income tax department allows you to file return for two preceding years, even after you crossed the deadlines.

If you have missed the deadline, you can still file the return. For assessment year 2013-14, you can file returns till 31 March, 2015.

If you file return by 31March,2014 the you will be charged a penal interest on monthly basis. The penalty is simple interest of 1% per month on the outstanding amount of unpaid tax. But if you have paid all the taxes prior to due date and only filed belated return, you will not have to pay any interest. In case you don’t file the return within one year i.e. till 31 March, 2014 then at the direction of assessing officer you may be charged a lump sum penalty of Rs 5000.

While filing belated return you need to be more careful that there should not be any errors as revised return in case of belated return is not possible.. If you annual income is up to Rs 5 lakh then you may file return electronically or manually. CBDT (Central Board of Direct Taxes) encourage filing returns electronically.

So HURRY, if you have missed filing return; file it now but take help of some expert as no errors will be entertained.

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