The income tax department gave you a deadline to file your income tax returns, for the Financial Year 2014-15 by August 31st 2015.You missed filing your ITR by this deadline.
The income tax department has extended the deadline to file your income tax returns for the Financial Year 2014-15 (Assessment year 2015-2016) , until September 7th 2015.
You missed this deadline too. So now what?
If you earn an income which is more than INR 2,50,000 a year before deductions (Section 80 C and other deductions), then you have to file your income tax returns, irrespective of whether you have tax dues or not. If you are seeking a tax refund, then you must file your income tax returns. If you own foreign assets or earn an income abroad, then you must file your income tax returns.
If you suffer capital losses, you can adjust these capital losses against capital gains. Your long term losses can be adjusted /set off only against long term capital gains. Short term losses can be adjusted /set off against short term or long term capital gains.
If you have not been able to adjust/set off all your capital losses in a particular year, you can carry both the short term and the long term losses for eight assessment years, following the year in which the loss was incurred.
You along with a number of investors buy stocks regularly. You may gain a profit or suffer a loss, while investing in the stock markets. If you sell your shares within one year of purchasing them, the gain/loss you suffer is called short term gain/loss.
If you sell your shares within a year of purchase at a profit, your profit/gain is taxed at 15%.There is no tax on your long term capital gains.(Stocks held for over a year).
Some of your stocks might be sold at a profit and some at a loss within a year. You can adjust the short term losses on your stocks against the short term gains or long term gains you have made by selling certain other stocks.
This is possible only if you file your income tax returns before the September 7th deadline. If you have missed your deadline (September 7th deadline), you cannot carry forward your short term losses and adjust them against your short term or long term gains.
If you have filed your ITR before September 7th and made a mistake while filing your returns, you can file revised returns. The income tax returns filed after the due date cannot be revised. If you have missed the deadline of September 7th, and you want to file your income tax returns, then you need to be extremely careful and take professional help if necessary.
The income tax department is very prompt when it comes to refunding your tax dues…Here’s the catch…
You need to file your income tax returns before the September 7th deadline. If you are seeking a refund from the income tax department, then make sure to file your income tax returns on time.
You have missed the deadline for filing your income taxes, but have no tax dues to pay. You must file your income tax returns before March 31st 2016.If you fail to do so, the assessment officer would levy a penalty of INR 5000 under Section 271F.
Be prompt and always try to file your income tax returns on time.
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