Income Tax Return Filing- After Due Date- Certain Limitations

The due date for filing income tax returns is 31st July,2013 except for those individuals who are engaged in business or profession and whose accounts are required to be audited as per the provisions of the Act. Individuals earning more than Rs 40 lakhs in a year in profession is required to get their accounts audited.

Last date for these individuals is 30th September. Tax returns filed after due date is considered as belated returns. You can file belated return for a particular financial year (within 2 years form the end of the relevant financial year under Section 139 (4) […] Read more