What If You Fail To File Tax Returns Within The Deadline?
Bangalore: It is mandatory to file your taxes as a respective citizen of the country. Though most of you might think that their tax filings are like a drop in the ocean and not declaring them won’t make any difference, but this might get you into some serious trouble.
However, many people miss the final date of filing tax returns every year due to ignorance or laziness. Though it is not advisable to be late in such cases, but incase you have missed it this year, no need to panic. You can still file a belated return.
As a tax payer, you will be viewed under four basic cases. Read on to know them, as listed by investmentyogi.com.
Case 1: No Outstanding Tax Liability
In case you have paid all your taxes through TDS or advance payment and you don’t have any outstanding tax amount, you can file your tax returns till the end of that assessment year without any penalty.
However, a penalty of 
5, 000 will be charged if you file the tax even after the current assessment year.
