When Can I File Income Taxes?

Skysnap By Skysnap, 6th Apr 2011 | Follow this author | RSS Feed
Posted in Wikinut>Money>Tax

Income tax is supposed to be filed before the due date declared by the income tax department of government.

Income Tax Return Date

People who have their income in taxable range are supposed to file income tax returns every year. At the end of financial year government revenue department releases last date for filing the income tax return. Tax payers are expected to pay the taxes before the due date to avoid the penalty. Income tax can be filed using e-services, software or by using hard copy form. Some people prefer to file tax via income tax consultant or using online services that allows tax filing.

Tax filing due dates vary as per notices of respective states or income tax department of respective country. In case of united states, tax filing dates vary as per the policies of individual states. In 2011, some states declared the last date to file the income tax to be April 18. It's possible that these dates may change due to national holiday or other non-business day or weekend limitation. In such case the immediate Monday becomes the due date.

There is a policy that allows tax payers to file taxes by taking voluntary extension from income tax department. In such case tax payers are supposed to pay the tax by filling electronic form and pay via bank transfer or credit/debit card. If the amount paid by the taxpayer is on lower estimate than the expected amount then penalty is applied. This can be avoided by keeping track of your income and expenses and use it to file taxes.

It is suggested that taxpayers should start filing the returns after the January in order avoid due date penalty. It is not always possible for some people to pay taxes before march. So in such cases they should file it at the end of march, including their deduction and other minor tax benefits.It is also possible to file the due returns during this period even if you have more than two years of due pending. This action avoids any future penalties that are likely to affect you for late tax payment.

Tags

File Income Tax, Income Tax, Income Tax Return, Tax

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