Test your knowledge about filing delayed tax returns. Take this fun quiz to improve your tax quotient and avoid tax filing mistakes.
1. What was the revised deadline for filing tax returns for the financial year 2012-13?
a. July 31, 2013 b. August 1, 2013 c. August 5, 2013
Wrong Try again..
Wrong The correct answer is c. Actually, the deadline for filing tax returns for the financial year 2012-13 was July 31, 2013. The government, however, extended this deadline to August 5 as many taxpayers faced difficulties accessing the income tax department's web site, expressed their inability due to non-availability of Form 16s etc.
Correct! Actually, the deadline for financial year2012-13 was July 31, 2013. The government, however, extended this deadline to August 5 as many taxpayers faced difficulties accessing the income tax department's web site, expressed their inability due to non-availability of Form 16s etc.
3. What will be the penal interest charge if you file your tax returns for the FY 2012-13 by March 31, 2014?
a. It will be 5 per cent of tax due calculated for every month of delay b. It will be 1 per cent of tax due calculated for every month of delay c. It will be 15 per cent of tax due calculated for every month of delay
Wrong Try again..
Wrong The correct answer is b. Don't fret. The government understands your difficulties. Under Section 234 (A), the Income Tax department will charge you just one per cent penal interest on your due tax. For instance, if your tax liability for financial year 2012-13 comes to Rs 1,000, you will have to pay a penal interest of only Rs 10. That is, your total tax payment will come to Rs 1010 (Rs 1000 as your actual tax due + Rs 10 as the penal interest) if you file your tax return by August 31, 2013. However, if you delay it by say six months then the penal interest will be Rs 60 and the total tax payable will come to Rs 1060 (Rs 1000 as your actual tax due + Rs 60 as the penal interest).
Correct! Don't fret. The government understands your difficulties. Under Section 234 (A), the Income Tax department will charge you just one per cent penal interest on your due tax. For instance, if your tax liability for financial year 2012-13 comes to Rs 1,000, you will have to pay a penal interest of only Rs 10. That is, your total tax payment will come to Rs 1010 (Rs 1000 as your actual tax due + Rs 10 as the penal interest) if you file your tax return by August 31, 2013. However, if you delay it by say six months then the penal interest will be Rs 60 and the total tax payable will come to Rs 1060 (Rs 1000 as your actual tax due + Rs 60 as the penal interest).
a. Then, you can't file the tax returns for FY 2012-13 at all b. You can file the tax returns but there will be a huge penalty c. The Income Tax department will label you a defaulter
Wrong Try again..
Wrong The correct answer is b. Surprised, you can still pay tax. Cheers, lazy bum! If you miss the deadline of March 31, 2014 you can still file your returns for financial year 2012-13 by March 31, 2015.
Correct! Surprised, you can still pay tax. Cheers, lazy bum! If you miss the deadline of March 31, 2014 you can still file your returns for financial year 2012-13 by March 31, 2015.
5. Apart from the 1 per cent penal interest are there other costs involved if you file your returns after March 31, 2014 deadline but before March 31, 2015?
© 2025 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Feedback - About us - Terms of use - Grievances
