What If You Fail To File Tax Returns Within The Deadline?
By SiliconIndia
Case 2: Outstanding Tax Exists
Incase you have outstanding tax liability, which can be from single source of income or multiple sources, the rule remains the same. If you file your income tax return after the current assessment year, you will be accountable to pay a penalty of 1 percent interest on the balance tax payable.
Case 3: You Have a Tax Refund
If you have any tax refund, you can even claim it after the last date without any issues. The only drawback is that your application might be processed late, which may further delay the refund process.
Case 4: You Have To Carry Forward Losses
You will not be able to carry forward the losses incurred in the current year to the next year incase you fail to file your tax returns within the deadline. This rule is not affected by the fact that you are having outstanding tax amount or not.
However, this rule is not applicable if the loss is incurred from house property.
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