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Apart from interest that is levied under various sections of the IT Act, interest is also levied if the tax return is not filed within the due date

THE due date for filing income-tax returns for financial year 2012-13 (FY13) for most individuals is July 31.

If you have not filed your return within the due date, you can file a belated return within one year from the end of the assessment year or before completion of the assessment, whichever is earlier. In simple words, the return for FY13 can be filed by March 31, 2015 if any assessment has not been initiated. However, if the tax return is filed after March 31, 2014, tax officer may levy a penalty of Rs 5,000 under the Income-tax Act, 1961 (IT Act).

There are additional reasons why you should file your tax return before the due date:

To avoid interest liability: Apart from interest that is levied under various sections of the IT Act, interest is also levied if the tax return is not filed within the due date. As per Section 234A of the IT Act, an interest is levied at 1 per cent per month from the due date of filing the return to the actual date of filing on the tax payable, subject to certain conditions. Hence, filing the return within the due date can help avoid this interest liability.

To reserve the right to carry forward losses: As per the IT Act, if a person has a capital loss or a business loss, the same can be carried forward and set off from next year's income, subject to certain conditions. However, this is permitted only if the tax return is filed within the due date. Hence, if you have a capital loss or a loss from business or profession and you want to avail the benefit of set off, you must ensure to file the tax return within the due date.

To reserve the right to revise your tax returns: There may be some details that are not available till the due date. You will have to forgo your right to revise a return if the original return is not filed within the due date.

Hence, you may file a return with the due date and then revise it with actual details, subject to certain conditions.

Earlier settlement of refund: There is an interest liability under the IT Act on the income-tax department if there is a delay in payment of refunds.

Hence, you may be lucky to get an early refund if your return is filed on time.

So, even though provisions exist for filing the tax return after the due date, it's best to file the return within the due date and enjoy the above benefits and the peace of mind.

Happy Investing!!

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Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

1. ICICI Prudential Tax Plan Invest Online
2. HDFC TaxSaver Invest Online
3. DSP BlackRock Tax Saver Fund Invest Online
4. Reliance Tax Saver (ELSS) Fund Invest Online
5. Birla Sun Life Tax Relief '96 Invest Online
6. IDFC Tax Advantage (ELSS) Fund Invest Online
7. SBI Magnum Tax Gain Scheme 1993 Invest Online
8. Sundaram Tax Saver Invest Online
9. Edelweiss ELSS Invest Online