Income Tax

FEMA/RBI Regulations

Income Tax Return In India - FY 2014-15 (AY 2015-16) - Due For Filing - Benefits, Use & Relevance of Filing Of ITR By Due Date

In India, for FY 2014-15 (i.e. Assessment Year 2015-16), filing of Income Tax Return (ITR) is due. In general, the Due Date of filing is July 31, 2015 for non-audit-business assesses, and Sept 30, 2015 for audited-business-assessees. Therefore, in most of the cases, generally, July 31 (i.e. presently July 31, 2015) is relevant due date (generally for mostly Individuals). Hence, it is high time and important for all individuals to get ready with all information & documents for the preparation of an Income Tax Return. Some people (for various reasons) donot pay much attention for filing of ITR before the due date. Here, it is important to understand that why the ITR must be filed before the due date.

Here are certain useful & relevant points, which show the importance of filing of ITR by the due date and must be considered for the purposes of filing of ITR before the Due Date:

Here, it is important to understand that though as per the provisions of the Act, one has time of two years to file belated returns. For instance, for FY 2014-15, belated returns can be filed till March 31, 2017. However, this should not be considered a tool to sit back and relax as the same may lead to various penal provisions & inconveniences. In the current era, where various new information technologies have been launched by the Tax Department, delay in ITR filing will automatically lead to triggering of various trouble-raising mechanism by the Department. Also, in the light of insertion of new laws (e.g. Black Money Act), ITR filing (By Due Date) is very very important.

Also, it is found that once the ITR is not filed by Due Date, assesse even lapses the maximum time available for filing an ITR, and in that case non-filing of ITR leads to non-repairable losses to assesses.

It is also very important to understand that ITR should not only be filed by Due Date but should be filed well before Due Date so that last hours inconveniences can be avoided and benefits of early filing are gained.

This article is useful and relevant for all ITR filers in India i.e NRIs, Expatriates and Other ITR Filers. It also clarifies various general doubts & frequently asked questions of ITR Filers, such as:

 - Why an ITR should be filed in India by NRIs/Expatriates/Others?
 - Why an ITR must be filed before Due date?
 - Relevance, importance of filing of ITR in India by NRIs/Expats?
 - Important reasons for filing of an ITR in India by Due Date by NRI/Expats/Others?
 - What if the ITR in India is not filed by Due Date?
 - Points for consideration in relation to NRIs/Expats ITR?
 - Filing of ITR in India - What are the things/tips/points, which NRI/Expat should keep in mind?
 - What are the consequences for not filing of an ITR in India by Due Date?
 - Whehter filinig of ITR in India is beneficial/compulsory?
 - I am an NRI/Expatriate. Should I file an ITR in India? Should I file the ITR before Due Date?

By NRI Tax Service: May 29, 2015