when is the due date ?

megapixel

Well-Known Member
#1
Can anyone please tell when is the due date for tax return filing for this year's income i.e (2012-2013).

income = derivative trading + delivery trading + intraday traidng + salary (Form 16 from employer)

Is it 31'st July , 2013 ?
 
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NiftyFantasy

Well-Known Member
#2
yes it is 31st july for the individual/HUF having income from salary, rental income, interest & business income turnover less than 50lakh for the year (no tax audit required). However if you have deposited your self assessment tax fully upto 31st july then you can file your return upto 31march of 2014. Previously there was some penalty on late filing but now it is waived off by the govt.

regads
 
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megapixel

Well-Known Member
#3
yes it is 31st july for the individual/HUF having income from salary, rental income, interest & business income turnover less than 50lakh for the year (no tax audit required). However if you have deposited your self assessment tax fully upto 31st july then you can file your return upto 31march of 2014. Previously there was some penalty on late filing but now it is waived off by the govt.

regads
Thanks NiftyFantasy. It was very much helpful.

No I have not deposited any self assessment tax yet.

I'm planning to compute tax from shares/F&O after 31st july,2013 and want to deposit tax then only....Can I do this ? Is there any problem ?

Do you know which Chalan is required to deposit tax for income from share/F&O Trading ?

List of chalans



source: https://onlineservices.tin.nsdl.com/etaxnew/tdsnontds.jsp


I'm planning to deposit tax after 31st july,2013 because I'll receive FORM 16 from my employer around that time only....and hence it'll be convenient to compute tax and file e-return all together..

Can I do this ? Is it OK ?
 
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NiftyFantasy

Well-Known Member
#4
Thanks NiftyFantasy. It was very much helpful.

No I have not deposited any self assessment tax yet.

I'm planning to compute tax from shares/F&O after 31st july,2013 and want to deposit tax then only....Can I do this ? Is there any problem ?

Do you know which Chalan is required to deposit tax for income from share/F&O Trading ?

List of chalans



source: https://onlineservices.tin.nsdl.com/etaxnew/tdsnontds.jsp


I'm planning to deposit tax after 31st july,2013 because I'll receive FORM 16 from my employer around that time only....and hence it'll be convenient to compute tax and file e-return all together..

Can I do this ? Is it OK ?
these is no specific challan for any business, challan 280 (payment of Income tax & Corporation Tax) will be used for it.

However, if you are not able to deposit self assessment before 31st july then you can deposit approx. as advance tax for the period....the main problem is filing after 31july is that YOU CAN NOT REVISE YOUR RETURN in future if you have filed it after the due date.... other wise no problem... :D
 

megapixel

Well-Known Member
#5
I'm getting confused . Could you please clear these two doubts.

Can I pay tax after 31st july,2013 (for income in financial year 2012-2013) ?

Can I file return after 31st july,2013 (for income in financial year 2012-2013) ?




However, if you are not able to deposit self assessment before 31st july then you can deposit approx. as advance tax for the period
I am negative to pay advance tax because I'm not sure whether I'll be in profit or loss at the end of this financial year from my trading....and hence I don't know tax amount in advance :D

Also IT department won't return money ( though they say but practically people suffer and takes longer time) if more tax is paid than payable tax :D
 
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NiftyFantasy

Well-Known Member
#6
I'm getting confused . Could you please clear these two doubts.

Can I pay tax after 31st july,2013 (for income in financial year 2012-2013) ?

Can I file return after 31st july,2013 (for income in financial year 2012-2013) ?






I am negative to pay advance tax because I'm not sure whether I'll be in profit or loss at the end of this financial year from my trading....and hence I don't know tax amount in advance :D

Also IT department won't return money ( though they say but practically people suffer and takes longer time) if more tax is paid than payable tax :D
????? why in advance.... :confused: :confused: your fy will end on 31/03/2013 and you have to pay your taxes before 31/07/2013 then there is 4 months in between to calculate your taxes.. in fact all people do this including very big companies, BTW your liability is to pay taxes by 31st march and after that you will have to pay interest u/s 234a,b,c for the late payments after 31st march... :D:D
 

megapixel

Well-Known Member
#7
your fy will end on 31/03/2013 and you have to pay your taxes before 31/07/2013 then there is 4 months in between to calculate your taxes.. in fact all people do this including very big companies, BTW your liability is to pay taxes by 31st march and after that you will have to pay interest u/s 234a,b,c for the late payments after 31st march... :D:D
Thanks for the post.

I'm still confused with the dates . which method is correct Method1 or Method 2 without any penalty ? Please see the dates I'm putting

Method 1
Step1 : pay approximate tax by 31st march ,2013. ( this is under advanced tax )
Step2: After 31st march ,2013.....re-calculate tax again......pay the remaining tax (if any) before 31,july,2013....( this is under self assessment tax)
Step3: File return on 31,july,2013

OR

Method 2
Step1 : pay ALL tax by 31st march ,2013. ( this is under self assessment tax )
Step2: File return on 31,july,2013




which method is correct ?
 
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NiftyFantasy

Well-Known Member
#8
Thanks for the post.

I'm still confused with the dates . which method is correct Method1 or Method 2 without any penalty ? Please see the dates I'm putting

Method 1
Step1 : pay approximate tax by 31st march ,2013. ( this is under advanced tax )
Step2: After 31st march ,2013.....re-calculate tax again......pay the remaining tax (if any) before 31,july,2013....( this is under self assessment tax)
Step3: File return on 31,july,2013

OR

Method 2
Step1 : pay ALL tax by 31st march ,2013. ( this is under self assessment tax )
Step2: File return on 31,july,2013




which method is correct ?
Technically 2nd method should be applied, but mostly the 1st method adopted by the majority... actually there are certain prescribed date for the particular percentage of tax to be deposited... i think 30-40% by 30th sept 60% by 31st dec & 100% by 31st march... 1st & 2nd installment will be under advance tax & last one under self assessment...

percentage can be different.... BTW i am not a professional accountant... I am a software developer by profession... above information are based on our clients software development studies....
personally I do not file my return by 31st july'12, me & my tax return filer friend both are very lazy... mostly my returns are NIL / nominal refund tax return as my TDS are already covers my tax liability....
As far as my share trading income is concerned that is always in a big loss since 2008... my friend suggested me to claim the losses by carry forward it... to adjust by profits in future, but I didnt, bcz I know that I will never be in profit to adjust these losses.... :)
 
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megapixel

Well-Known Member
#9
Technically 2nd method should be applied, but mostly the 1st method adopted by the majority... actually there are certain prescribed date for the particular percentage of tax to be deposited... i think 30-40% by 30th sept 60% by 31st dec & 100% by 31st march... 1st & 2nd installment will be under advance tax & last one under self assessment...

percentage can be different.... BTW i am not a professional accountant... I am a software developer by profession... above information are based on our clients software development studies....
personally I do not file my return by 31st july'12, me & my tax return filer friend both are very lazy... mostly my returns are NIL / nominal refund tax return as my TDS are already covers my tax liability....
As far as my share trading income is concerned that is always in a big loss since 2008... my friend suggested me to claim the losses by carry forward it... to adjust by profits in future, but I didnt, bcz I know that I will never be in profit to adjust these losses.... :)
Thanks for the post....You should file the loss buddy ... who knows tomorrow your portfolio might glow :D .....why let the govt eat up your earning ..already they are taking stt and other taxes from us.

anyway ...can you please tell ...
If we pay taxes after 31st March , 2013 for the income of FY 2012-2013 ... How much is the penalty / late payment interest ? any rule here ?



(I am asking this because I will adopt Method 1 for my convenience )

My employer will provide FORM16 after 31st march,2013....and so I'm planning to do tax calculation from share trading only after 31st march...and want to pay taxes from Share Trading after 31st March,2013.
 
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NiftyFantasy

Well-Known Member
#10
Thanks for the post....You should file the loss buddy ... who knows tomorrow your portfolio might glow :D .....why let the govt eat up your earning ..already they are taking stt and other taxes from us.

anyway ...can you please tell ...
If we pay taxes after 31st March , 2013 for the income of FY 2012-2013 ... How much is the penalty / late payment interest ? any rule here ?



(I am asking this because I will adopt Method 1 for my convenience )

My employer will provide FORM16 after 31st march,2013....and so I'm planning to do tax calculation from share trading only after 31st march...and want to pay taxes from Share Trading after 31st March,2013.
it is 1% per month on short amount....
 

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