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Today is the last day to file your returns. Here's how to go about it

If you miss August 31 deadline, you cannot revise your IT return or claim refund

BS Reporter  |  Mumbai 

Image via Shutterstock

The last date for filing income-returns is on 31 August, 2015. If you miss this deadline, there will be consequences. The Income department will not allow rectification of mistakes in filing return, losses cannot be carried forward, and the taxpayer needs to pay interest of 1% each month on the outstanding liability.

If you are planning to do it on the last day, here’s a list of things to keep in mind:

Should you file tax return even without taxable income?

With the last date for filing Income Tax Returns fast approaching, most tax payers are probably in the midst of doing so. But what if your income is below the taxable limit of Rs 2.5 lakh per annum? Should you still file tax returns? Read on...

Mistakes to avoid when filing I-T returns

When filing tax returns individuals don’t declare certain income or assets because they do not realise these items are taxable. This can create problem in the later years. Some essential things that you should not forget to include when filing returns. Read more

Filing returns can be tricky if you play the stock market

If you are a salaried person who trades in stocks, filing income tax returns can be a tricky job. Depending on the instrument, frequency of trade and volume, you can either fill the ITR-2 form meant for the salaried with no business income or ITR-4 is for income from business and profession.

Which is the right form for you? Find out...

Tax filing for professionals

For professionals and freelancers with a small turnover and limited clients, the lengthy ITR-4 form can be confusing. Some tips on filing returns. Read more

Made a mistake while filing tax?

There are many individuals, who after filing their income tax returns realise there was a mistake in the form or the data submitted was not correct. They need not worry. Here’s how to revise your tax filing.

What happens if you delay filing tax returns?

Those who missed the deadline for filing tax returns can do it by the following March 31. Belated returns can be filed on or before two years from the end of the relevant tax year. However, it comes with its limitations. Read on to know them.

What should you do if I-T department declares returns as ‘defective’

Returns can be termed as 'defective', if details provided are incomplete, without audit information or supporting documents. But the person receiving such notice needs to act quickly as individuals are given 15 days time only. Here's what you should do.

Legal heirs need to file returns for deceased

It's not only the living who have to pay their taxes. If one of your family members has died during the financial year and she/he was liable to pay tax, you might need to file a return on his or her behalf. In most cases, the individual's spouse or eldest son/daughter assumes the status of legal heir or representative. Find out how to go about it.

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First Published: Mon, August 31 2015. 12:38 IST