What are the consequences if I have filed wrong information in my income tax return? What is the course of action if I want to re-submit my returns? (95000 in 80C but actually I did only 55000.)
Hi ! The consequences of this may be in 2 forms:After you file your return, the income tax department would compute your income based on the details you have provided. They will send you an intimation u/s 143(1) which would comprise of detailed return filed by you and return computed by the income tax department. In your case the intimation may get processed considering 95000 as deduction u/s 80C. Later, you may receive a Scrutiny Notice where your error can be identified and as a result you may have to pay tax alongwith Interest.In case this error is identified as a misstatement by the income tax department, the income tax officer may levy a penalty of 100% to 300% of the tax evaded or sought to be evaded.Course of ActionThere is an easy course of action available if you want to rectify your error:In case of any wrong information filed in the Return of Income, there is always an option to rectify the error by submitting a Revised Return of Income u/s 139(5). The time limit to file it is within one year from end of the year in which original return was filed. It is important to note that the original return of income must have been filed before the due date i.e. 31st July or 30th Sept as the case may be.While filing the revised return, you should select the option to file u/s 139(5) i.e. Revised Return, fill in the 15 digit acknowledgement number of original return filed and the date of filing it.You can revise your return any number of times provided the original return and Revised return have been filed within the prescribed time limit.You can file a revised return in the quickest and convenient manner with Quicko. There are experts available to assist you to file your Return of Income.
Can I file income tax returns for the assessment year 2011-12 and 2012-13 now?
Income tax returns for a financial year must be filed by individuals on or before the 31st of July of the next financial year. For example, Income Tax Returns of FY 2016-17 that end on 31stMarch 2017 will be due on 31st July 2017(However, the due date for this year was extended to 5th August 2017).Until the amendment in the Finance Act 2016, you can file your IT Returns after the specified due date i.e. belatedly, anytime on or before 1 year from the end of the relevant Assessment Year(AY). For example, for the AY 2016-17, a belated return can be filed on or before 31st March 2018. However, with the amendment vide Finance Act 2016, from AY 2017-18 i.e.FY 2016-17, IT belated returns should be filed before the end of the relevant AY. For example, return for FY 2016-17 can be belatedly filed on or before 31.03.2018 only.Therefore, ideally, 31st March 2018 is the deadline for all the belated tax return filers for the AYs 2016-17 & 2017-18.Belated filing has its own drawbacks:Penal interest may be applicable under section 234A, 234B and 234C.Delayed returns cannot be revised. (From FY 2016-17, belated return can also be revised)You will not be allowed to carry forward some losses that belong to the years for which returns were not filed.In case you have received a notice from I-T Department asking you to file your returns which go beyond 2 financial years, you can prepare www.cleartax.in to prepare your return. You can then print this return and submit it to the Income Tax Office in your ward. Usually old returns are filed as a response to an income tax notice.Interesting to note that from the AY 2018-19, the time limit for filing a revised return rectifying any omission, error etc made in the original return has also been reduced and such revision has to be done on or before the end of the relevant AY. Until AY 2017-18, there was a time limit for filing a revised return, of 1 year from the end of the relevant AY.
What if i forgot to file a second w-2 with my income tax?
It is not that big of a deal. You will get a notice from the IRS in a few weeks after they complete your return processing that says there is a discrepancy in the income you reported and what was reported to the IRS. Please open your IRS notice and read it, many clients I have just refuse to read them. They tell you what they need and want just read it. Once you get that letter, then file your 1040x. As long as you make it right, there are no consequences or penalties. Please disregard the moronic comment about going to prision, you cannot go to prision for being a debtor or not properly filing a return, unless it is a huge ordeal that is worth them chasing you, like Wesly Snipes a few years ago. That comment about prision really was quite idiotic.
I forgot to file my income tax return for AY 2014-15. Can I still file it? What are the consequences of the same?
Thanks for A2A.As per Section 139(4) of the Income Tax Act,1961 if a person fails to file return of Income for any Previous Year within stipulated time as per section 139(1) of the act, he may submit the belated return for any such previous year before expiry of :One Year from end of relevant Assessment year or before completion of assessment whichever is earlier (Applicable up to AY 2016–17)Relevant Assessment Year or before completion of assessment whichever is earlier (Applicable from AY 2017–18)Since in your case you have not filed the return of income for Previous Year 2013–14 the last date for filing belated return is 31/03/2016 which is one year from the end of relevant AY i.e 2014–15.So now there is no possibility for you to file the Income Tax Return for the AY 2014–15.
I received a tax bill for forgetting to file my 1099k. How to go about it?
In 2013 I sold items on eBay. Totaling $42k in sales. I received an email from PayPal saying a 1099k was coming and I had no clue why and what it was. I never got my 1099k once I was able to file my taxes and I frankly forgot about it. I got a tax bill for $17k. This has a penalty, interest and the actual taxes owed on $42k. My question is how to go about this. I ve been fine with my taxes until this point and noticed the first time tax abatement. The problem I noticed is it says that you have to pay the taxes first and then they ll refund you later. I don t have $17k sitting around. Do I correct the taxes (resubmit my w-2 showing all of my expenses which brings my profit down to $11k) then ask for the abatement? This would take it to roughly $5k and then they would refund roughly $2k. Please give me some input on this if you ve dealt with it. Just to state, I wasn t trying to avoid taxes. I simply forgot when I was excited to do my return it didn t even cross my mind.