Conclusion when to file tax return
So, now I know when in time my tax return needs to be filed and the costs of not doing so timely.
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The Revise Option
I have given my exam papers, I can sometimes give my exams again for improvement. But for tax returns, I do so only for correcting any errors I find. Once I file a tax return, and later I discover that I made some inadvertent mistake in my tax return, I can file a revised one
First cost: The Late fee
I need to do my tax return on due date, and if I miss it, there’s a cost, charge called ‘Late Fee’ (its Section 234F) levied on my delay. It is If my income is upto Rs. 5 lac, then Late Fee is Rs.1,000 Otherwise if income is over Rs. 5 lac, Late Fee is
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Second Cost: The loss not allowed
If I have a loss in a year, be it in business profits, or capital gains, then such loss can’t be carried forward (means I can’t adjust such loss against future years profits) if I don’t file my tax returns on due date. Remember, to claim loss, I have to file my tax returns on
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Third Cost: Interest
Normally I pay my self-assessment taxes at time of filing my tax return. So if any taxes on my income are due after the year closes, so My Tax I calculated Less Tax Deducted at Source Less Advance Taxes paid by me, if there is any tax due or left, I will have to pay
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The Costs of filing late
First cost: The Late fee Second Cost: The loss not allowed Third Cost: Interest
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If I drag or procrastinate
I should be cooking my meal for audience timely, viz, doing my tax return filings timely. If I get late, there is a limit to it, I can’t drag my meal to customers endlessly. Saying in tax parlance, I can do file my return late only till 31 Dec. Yes the tax doors for a
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Big chef timings
I am a big businessman or professional. Big means my sales are high (you know its Rs. 1 cr in a year, being a businessman) or professional receipts are high (here it is Rs.50 lacs a year being a professional), this high means I need to get my accounts audited. So I need more time
Regular timings Tax Return
Now I know I am cooking a regular daily meal. I should prepare my dish in time, else it upsets the balance of environment. Its only an annual event, so I better do it on time. My target or scheduled date is July 31 every year. You know if I don’t go to office on
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When means the time line
When do I file tells me when in time I should have my return dish ready.
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