Don't panic if you haven't filed your income tax returns yet. There is still enough time left for you to file the returns even though the deadline ended on August 5.
For those who haven't filed tax returns, they can still do it by March 31, 2014. While filing your tax returns now will be categorised as 'late filing', you still would not have to pay any penalties if there are no outstanding tax dues.
However, if there are any outstanding taxes, late filing of returns would involve a penalty of 1% per month on the amount of taxes that are due.
Besides, rules also allow tax payers to file their returns of the preceding two financial years implying that you can still file your returns by March 31, 2015 although you will have to pay a penalty of Rs 5,000 if you file after March 31, 2014.
There are an estimated 32.35 number of individual taxpayers in India. E-fling of tax returns are mandatory for all individuals with a minimum annual income of Rs 5 lakh.
As on July 31 this year 10.32 million taxpayers had e-filed returns this year with as many as 2.18 million returns received from Maharashtra alone.