Know Who All Are Liable For Filing Tax Return This F.Y.2014-2015

ahead and file your return till date and pay your taxes. Filing a return on time will help you keep away from tax implications especially if you have tax liability.

It is true that tax laws give you a grace period but if you file your return late, then you also have to give up some of your rights as a taxpayer. For one, you cannot modify your tax return if it has been filed after the due date. Secondly if you have filed after the due date you cannot carry forward any short-term or long-term losses. Under section 271F you may be charged Rs.5000 if return is filed after end of assessment year. Interest Under section 234A, 1 per cent per month is applicable on net outstanding tax due amount.

Are you planning to buy a property? If so, then filing tax return is especially important. In many of the states, one has to register an immovable property to produce tax returns for the past three years. Even if you don't possess full details, file the original return before July 31 so that you don't have to lose out any benefits after filing tax return. You can then file a revised return later with all the missing details. Always remember that you can file a revised return only if the assessment has not been completed. Filing tax returns have been made extremely simple and easy in the past few years. Thus the best way is to file online.