Last Date for filing of Income Tax Returns

Where the assessee is a Company; or a person (other than a company) whose accounts are required to be dutied under Income Tax Act or any other law; or a working partner of a firm whose accounts are required to be audited under Income Tax Act or any other law By30th September

In the case of any other assessee other than above By 31st July

A Loss Return has to be filed by the above applicable dates failing which the benefit of carry forward loss would be forfeited

A Belated Return can be filed any time before the expiry of one year from the end of the relevant assessment year or before completion of assessment, whichver is earlier.

A Revised Return can be filed at any time before the expiry of one year from the end of the relevant assessment year or before completion of the assessment, whichver is earlier. 

Disclaimer:  The information provided above is intended as a general material and  is not to be acted upon without professional assistance, since the interpretation may vary depending on the unusual circumstances of a specific scenario and the time of the event.

Salary earners with Income less than Rs. 500000 need not file Income Tax Return.

The CBDT has announced the class of persons not required to file the Return of Income vide Notification No: 36/2011 subject to the following eligibility:

An individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable under the head 'Salaries" and "Income from Other Sources", by way of  interest from  a savings account in a bank not exceeding Rupees ten thousand. 

And subject to the following conditions:

1. Has reported his PAN to the employer
2. Has reported his Interest Income to the employer and the employer has deducted tax at source
3. Has received Form 16 from his employer which mentions his PAN, Tax Deducted and Remitted on his behalf
4.  Has discharged his total tax laibility through TDS by the mployer
5. Has no claim for Refund
6. Has received Salary from only one employer for the assessment year
7. The Exemption shall not be available where a Notice u/s 142(1) or 148 or 153A or 153C has been issued to the assessee for the relevant assessment year.