Confused ! Please Help

life2007 · #1 6th June 2008, 01:07 PM

Is filing of returns is same as submitting tax?

One of my friends told me they are different. If any tax has to be paid, one has to be pay before 31st March and returns to be filed before 31st July.

Are these two seperate things. For the financial year 2007-2008, I have to pay tax but I was under the impression that deadline for submitting tax and filing returns are 31st July.

Please advise

Jeet

ccmb420 · #2 6th June 2008, 01:39 PM

Quote:

Originally Posted by life2007

Is filing of returns is same as submitting tax?

One of my friends told me they are different. If any tax has to be paid, one has to be pay before 31st March and returns to be filed before 31st July.

Are these two seperate things. For the financial year 2007-2008, I have to pay tax but I was under the impression that deadline for submitting tax and filing returns are 31st July.

Please advise

Jeet

You can pay tax anytime before filing the return, however if your tax amount was attracting Advnace tax payment, then u are liable to pay interest on taxes due at various times accordingly. However if Advance tax was not applicable you can file your return and pay taxes within the due date w/o any penal interest.

life2007 · #3 6th June 2008, 02:28 PM

Thank you so much for your help!

Quote:

Originally Posted by ccmb420

You can pay tax anytime before filing the return, however if your tax amount was attracting Advnace tax payment, then u are liable to pay interest on taxes due at various times accordingly. However if Advance tax was not applicable you can file your return and pay taxes within the due date w/o any penal interest.

kjalan · #4 7th June 2008, 02:21 AM

one more thing that july 31 is the due date and not the last date. if u dont have any tax payable u can file ur return before 31-march which is the last date for filling taxable return without paying penaly, if u pay penalty of Rs.5000 u can submit ur return by next 31 march also

i believe i got u all confused

in plain vanila pay ur taxes as early as possible to aviod interest and ur return to avoid tention

life2007 · #5 7th June 2008, 07:38 PM

Hi Thanks for your advise.

"in plain vanila pay ur taxes as early as possible to aviod interest and ur return to avoid tention

". THIS IS WHAT I WANT TO DO. I BELIEVE I HAVE TAX PAYABLE. SO MY EARLIEST DEADLINE WITHOUT ANY PENALTY OR INTEREST IS 31ST JULY 2008. AM I RIGHT ???

WHAT IS THE DEFINATION OF FILING OF RETURN. IS IT EQUIVALENT OF PAYING YOUR TAX ALONG WITH THE FORMAL PAPER WORK?

thanks

Jeet

Quote:

Originally Posted by kjalan

one more thing that july 31 is the due date and not the last date. if u dont have any tax payable u can file ur return before 31-march which is the last date for filling taxable return without paying penaly, if u pay penalty of Rs.5000 u can submit ur return by next 31 march also

i believe i got u all confused

kjalan · #6 15th June 2008, 10:36 PM

[quote=life2007;184449]

WHAT IS THE DEFINATION OF FILING OF RETURN. IS IT EQUIVALENT OF PAYING YOUR TAX ALONG WITH THE FORMAL PAPER WORK?

[/QUOTE=life2007;184449]

no
as per provsion of sec 139 read with other provisions return means a statement in specified format, signed and verified as specified.

as per current provisions u are supposed to file returns in format itr 1 to itr 8, whichever is applicable.

formats can be downloaded from incometaxindia.gov.in