For Income Tax filing August 5 being the last date to the file Income Tax Return (ITR) for FY2016-17, you have just couple of hours to record your Income Tax Return ITR. Recently, the income tax department said its field offices will stay open till midnight today to facilitate exceptionally senior citizens and those with income below Rs. 5 lakh to file tax returns for FY2016-17.
Yet, in the event that regardless you miss the due date today to file your Income Tax Return ITR because of any reason, it doesn’t imply that you can’t file your return for FY2016-17.You can file overdue return till March 2018 for monetary year 2016-17.
Be that as it may, on the off chance that you file belated return Income Tax Return (ITR), you will be unable to profit some tax breaks like conveying forward of capital losses over next evaluation years. Income tax rules in India permit loss under the head ‘capital gains’ to be set off against any profit under ‘capital gains’ head in the accompanying evaluation years. ‘Long team capital loss’s can be set off just against ‘long team capital gains’.
In any case, ‘short term capital losses’ are permitted to be set off against both ‘long term gains’ and ‘here and now picks up’. In the event that you are not ready to set off your whole capital loss in a specific appraisal year, both here and now and long term loss can be conveyed forward for 8 evaluation years promptly following the appraisal year in which the loss was first booked.
Additionally, in the event that you file your Income Tax Return ITR past the August 5 due date, you need to pay corrective enthusiasm on unpaid assessment risk. On the off chance that the pay charge office raises any extra expense request than what you have effectively paid, at that point likewise you need to pay a punitive enthusiasm on that.
Tax experts advice to deposit unpaid tax liabilities in the event that you have any, at the most earliest, regardless of the possibility that you file a belated return. Under section 271F, the surveying officer could impose a punishment of Rs. 5,000 for late returns Income Tax Return (ITR).