What does Intimation U\/S 143(1) of Income Tax Act mean?<\/a><\/p>\n[\/box]<\/p>\n
Impact of late filing of tax return:<\/h2>\n
You should always file your ITR on time as you loose on some benefits. Here is a list of benefits you miss on in case you skip the July 31 deadline:<\/p>\n
1% Monthly Late payment fee on tax due:<\/strong> In case after adding up all the TDS and advance taxes, if there is any tax payable from your side, you will need to pay monthly 1% late fee on the amount due for each month of delay.<\/p>\nLate refund:<\/strong> if you file your ITR late, you will also get your excess tax paid refunded late. This is a loss as you could have put to the money to better use and you obviously loose on the interest part.<\/p>\nCannot revise your ITR:<\/strong> You cannot file a revised return in case you filed your original ITR late. This can be a major drawback if you find some error on a later date or just forgot to take advantage of some tax exemption.<\/p>\nCannot carry forward your losses:<\/strong> you cannot carry forward following losses in case of delayed filing:<\/p>\n\n- Speculation loss,<\/li>\n
- business loss excluding loss due to un-absorbed depreciation and capital exp on scientific research,<\/li>\n
- short term capital loss,<\/li>\n
- long term capital loss,<\/li>\n
- loss due to owning and maintenance of horse races<\/li>\n<\/ol>\n
However you can still carry forward loss from House property. The above list is not comprehensive and may impact you the wrong way in case of late filing of tax returns.<\/p>\n
To conclude, DO file your\u00a0ITR by March 31 and from next year<\/span> make it habit to comply with the ITR deadline as non-compliance would lead to additional penalty of Rs 5,000 to Rs 10,000.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"The financial year ends on March 31 and there are various important things that you must DO before this. But from this year you MUST file your belated or revised income tax returns (ITR) for present Assessment Year (AY 2017-18 or FY 2016-17) and last\u00a0Assessment Year (AY 2016-17 or FY 2015-16) in case you have […]<\/p>\n","protected":false},"author":1,"featured_media":8949,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[777,6],"tags":[2708,2993,3548,900,3008,3430,3655],"uagb_featured_image_src":{"full":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2018\/03\/File-Income-tax-Return-by-March-31.png",1553,945,false],"thumbnail":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2018\/03\/File-Income-tax-Return-by-March-31-150x150.png",150,150,true],"medium":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2018\/03\/File-Income-tax-Return-by-March-31-300x183.png",300,183,true],"medium_large":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2018\/03\/File-Income-tax-Return-by-March-31-768x467.png",768,467,true],"large":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2018\/03\/File-Income-tax-Return-by-March-31-1024x623.png",1024,623,true],"1536x1536":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2018\/03\/File-Income-tax-Return-by-March-31.png",1536,935,false],"2048x2048":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2018\/03\/File-Income-tax-Return-by-March-31.png",1553,945,false],"yarpp-thumbnail":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2018\/03\/File-Income-tax-Return-by-March-31.png",120,73,false]},"uagb_author_info":{"display_name":"Amit","author_link":"https:\/\/www.apnaplan.com\/author\/admin\/"},"uagb_comment_info":1,"uagb_excerpt":"The financial year ends on March 31 and there are various important things that you must DO before this. But from this year you MUST file your belated or revised income tax returns (ITR) for present Assessment Year (AY 2017-18 or FY 2016-17) and last\u00a0Assessment Year (AY 2016-17 or FY 2015-16) in case you have…","_links":{"self":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts\/8948"}],"collection":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/comments?post=8948"}],"version-history":[{"count":0,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts\/8948\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/media\/8949"}],"wp:attachment":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/media?parent=8948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/categories?post=8948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/tags?post=8948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}