Hurry! You can still file your tax returns for 2012-13 and 2013-14

Don't feel miserable if you missed the cut-off date for filing income tax returns for financial year 2013-14, which was, July 31, 2014. You have another chance to e-file your tax return before March 31, 2015. Don't miss this one.

If, at times, taxpayers fall short of filing their income tax return before the scheduled date, they can file belated returns for preceding two years by March 31, 2015. The Indian tax authorities stand by them to offer a second opportunity!

For instance, if you want to file income tax return for the income earned during Financial Year 2013-14 or Financial Year 2012-13, then the due date of filing income tax returns is supposed to be July 31, 2014 and July 31, 2013 respectively.

And, if you have missed out on these dates then you still have time to e-file your income tax return up to March 31, 2015. That return will be termed as 'Belated Return'.

Are there any shortcomings for filing income tax returns late?

YES!

If you file income tax return subsequent to the due date, you tend to lose certain privileges. They are:

1. In case of late filing of tax return, if you have failed to deposit tax dues to the Government prior to the due date, interest @ 1 per cent per month starting from the month instantly following the due date up to the month when income tax return is filed shall be levied u/s 234A of the Income Tax Act.

On the other hand, if you are a salaried individual and your taxes have already been deducted at source by the employer, or a businessman who has already paid all the taxes in the form of advance tax, then you are not liable to pay any interest.

2. If the income tax return is filed within due date, you will be permitted to file revised income tax return, if you wish to make any kind of changes to the original return already filed. But if you are filing belated return then you are not allowed to file revised return. Thus you have to file income tax return very carefully as you will not be given any chance to revise your tax return.

3. If you have filed or planning to file your income tax return after the due date of July 31, 2014, no matter whether the tax has already been paid or not, you will not be permitted to carry forward (C/F) the losses sustained by you during Financial Year 2013-14.

4. If you are planning to e-file your income tax return for FY 2013-14, after March 31, 2015 then there is a penalty of Rs 5,000 owing to the judgment of the revenue authorities. So, it is better that you file your return before March 31, 2015 as this penalty will not be applicable even if you file belated return till March 2015.

5. In refund of tax situation, the assessee is allowed to acquire interest on such kind of refund from the IT department. Hence, this amount of interest is compensated for the period commencing from date of filing of return up to the date of issue of refund if the income tax return has been filed on time. As a result, in belated return, the assessee is forced to miss out on the interest on refund for the time for which return is overdue.

So, if you have already missed your train this particular time; The income tax department has given you another chance to e-file your tax return before March 31, 2015. Don't miss this one.