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Any delay can cause problems ranging from loss of benefits to payment of interest
The due date for filing tax returns for the financial year 2011-12 for most individuals is July 31. As the due date comes closer, everyone will advise you to file tax returns within the due date. Though tax returns can be filed belatedly, before the end of the relevant assessment year (March 31, 2013, for the tax year 2011-12), without any penalty, it would be better to do it by the due date — July 31. In case there are any taxes payable (after considering TDS, advance taxes and other credits available), any failure to file the returns of income within the due date would attract interest at the rate of 1% per month for the delay in filing the returns. The delay in filing the returns will also increase the interest payable for default in the payment of advance tax. Here are some reasons why you should file your I-T returns before the due date.
The Right To Carry Forward Losses
The loss under the head 'Profits and Gains of Business or Profession' (other than depreciation loss) cannot be carried forward if the returns is filed late. However, one can still set-off the losses against the income (other than income under the head salary) under other heads of the same year. This also applies to any short-term or long-term capital loss from sale of shares. The same can be carried forward and set off against capital gains/business profits, which may arise in the next eight years. However, if the tax returns are not filed by the due date of July 31, 2012, the above benefit will not be available.
Revision Of Tax Return
Returns filed after the due date would be considered belated tax returns. Under the law, belated tax returns cannot be revised. Some details may not be available by the due date. In such cases, the Act allows the filing of 'belated returns' within one year from the end of the assessment year or completion of assessment, whichever is earlier. However, you will have to forgo the right to carry forward your losses or revise the return. "In such a case, you can file a return with the due date and then revise it with actual details, subject to certain conditions. However, if you file the return within the due date, you will have a option to revise it later. Moreover, in case you want to claim foreign tax credit based on foreign tax return received later, you will not be able to do so if the original tax return is filed after the due date.
Prevent Delay In Refund Processing
In general, the earlier you file the return, the earlier you receive the refund. If the return is filed late, there will be a delay in the refund. Further, the interest on refund, wherever applicable, is also reduced to an extent if the return is filed late.
Accessibility To It Dept Portal
To file a return in time, it is important that the return preparation process is initiated well before the due date. This is because most people start it late which puts pressure on their tax advisor. For the tax payer, it means that his tax advisor may not be able to give full justice to his tax return and, unfortunately, to file the return in time becomes his only focus. Lastly, for the same reasons, the e-filing portal of the income tax department at times virtually becomes inaccessible during the last 2-3 days before the due date.
Avoid Interest Liability
Interest is levied if the tax return is not filed by the due date. This is besides the other interests levied under various sections of the Income-tax Act, 1961 ('Act').
As per Section 234A of the Act, an interest is levied at 1% per month on the tax payable, from the due date of filing the return to the actual date of filing, subject to certain conditions. Hence, filing the return within the due date can help avoid this interest liability. The due date for filing tax return for the year 2011-12 is July 31. However, the belated tax return can be filed up to March 31, 2014. "Revenue authorities have the powers to levy a penalty of Rs 5,000 if the tax returns are not filed within March 31, 2013 (penalty can be levied for the returns filed between April 1, 2013, and March 31, 2014).
What Is A Crude Oil Benchmark?
Crude oil benchmarks are reference points for the various kinds of oil blends that are available in the market. Known as oil markers, they were first introduced in the 1980s and are used to establish trading standards for the commodity. While there are many crude oil benchmarks, the three primary ones are WTI, Brent blend, and Dubai blend.
How Are They Different?
Crude oil extracted from different parts of the world differ in terms of physical properties such as color, viscosity and relative weight composition. Their classification is based primarily on the geographic location & properties such as sulfur content and relative weight. Some blends are considered superior to others. For example, crude oil blends with lesser amount of sulfur are characterized as sweet while a blend with higher sulfur content is known as sour.
Which Benchmark Is Used For The Indian Market?
India sources its crude oil requirements mostly from Far East, Gulf region, Mediterranean, West Africa and Latin American sources. Because of the diversity in India's sourcing, the regular crude benchmarks do not serve India's purpose. The country, therefore, has its own benchmark 'Indian basket' that is used for pricing and subsidy calculation purposes. The Indian basket uses Oman/Dubai for sour grade crude and Brent for the sweet grade one in the ratio of 65.2 and 34.8.
What Are Under-Recoveries And How Are They Calculated?
An under-recovery means recovering less than what could have been realized had the product been sold at the notional market price. Under- recoveries should not be confused with losses as for a loss to occur the sale price has to be less than the cost of producing the fuel. The calculation of under-recoveries is done by using formulas prescribed by the government's Petroleum Planning and Analysis Cell.
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