File Income Tax Return In India Without Penalty Till 31st March

Every Individual whose income exceeds maximum taxable limit is required to file Income tax Return on or before the due date.

Due date for Individuals getting salary and who are running their own business or profession or working as free lancer are required to file tax return on or before 31st July, every year.

In case of Individuals who are required to get their books audited and Companies, the last date for filing return is 30th September

Have you missed the tax filing deadline of 31st July, Don't worry, you can file returns till 31st March.

The last-minute rush of filing tax returns is over. Most people manage to file their Tax returns on time. Yet, there are some who, for one or the other reason, fail to do so. If you are among the latter, You can still file your returns and chances are you won't have to pay a penalty.

The return for income earned in the financial year ending on 31 March should ideally be filed by 31 July for non-business taxpayers. But if the taxpayer has missed the deadline in spite of having four months in hand, he can do so till 31 March.

In such a case, the penalty to be levied would depend on the status of the tax to be paid.

If Income tax is already paid either as advance tax or TDS

If you have paid your taxes as advance tax or TDS ( Tax Deducted at Source)has already been deducted then, you don't have worry to because you can file the tax returns before 31 March without paying a penalty.

But if you miss the new deadline and file the return only after 31 March, the assessing officer may impose a penalty of Rs 5,000 for late filing of return.

This amount may depend however depend on the discretion of the assessing officer.

So it is advisable not to delay filing your Tax Return and file it before 31st March.

If tax has not been paid or short paid

If you have not cleared the taxes due or you have short paid your Income tax then, you will have to pay a penalty at the rate of 1% per month for the period after 31 July. If the tax due is more than Rs 10,000, you are supposed to pay an advance tax on your income in three tranches. In such a case, the 1% penalty per month will be applicable from the period you have not paid the tranche.

Is E filing of Income tax Return Compulsory.

E-filing of tax return is compulsory for all tax payers whose taxable Income Exceeds Rs 10,00,000/- (Ten lacs)

File Income tax Return and get more tax planning tips at IncomeTaxReturnIndia.com. Get Income tax tips to reduce your Income tax Liability and get early Income Tax Refunds

Article Source: http://EzineArticles.com/expert/Sapna_R_Gupta/1489506

Investing in Alabama Tax Liens and Tax Deeds

In all 67 Alabama counties, property taxes are due October 1 and become delinquent on January 1 the following year. Once property taxes become delinquent for a property, a tax lien is placed on the property until the taxes are paid in full by the property owner. All Alabama tax lien sales take place in late April or early May. In Jefferson County alone, Alabama's largest county, over 4000 tax lien certificates worth over $2 million are sold. In the State of Alabama, the guaranteed interest earned on a tax lien certificate is 12 percent per annum, starting the day of the tax lien sale.

Generally, the tax lien sales are held on the county courthouse steps and the premium bidding method is used. In a premium bidding method, each property is started at the minimum bid, which is usually the sum of property taxes, the accumulated interest on those taxes, and any sale administrative fees, such as advertising the tax lien on the property in the local newspaper. Starting at the minimum bid, investors take turns bidding up the tax lien certificates until there is only one investor remaining who is willing to pay the highest "premium" on the tax lien certificate. Most Alabama county tax auctions start on a Monday and they will continue on consecutive days until all land parcels have been publicly offered.

The purchaser of a tax lien certificate has the right, but not the obligation, to pay subsequent property taxes on the property each October 1. If the investor allows the subsequent taxes on the property to become delinquent, the tax lien certificate (in the amount of that year's taxes) will be offered again in the April or May sale. If the purchaser holds on to the tax lien certificate, pays all subsequent property taxes for a full three years following the initial tax sale, and the property owner (or other interested party) does not redeem the property (pay all accumulated taxes), the tax lien certificate holder has a right to the tax deed on the property.

All tax lien certificates that did not receive any bids at a county tax sale are assigned to the State of Alabama. These tax lien certificates are often referred to as Over-the-Counter (OTC) or Assignment Purchasing liens. The same "redemption period" is used for these tax lien certificates, which means any tax lien certificates that have been in State inventory for over three years will be offered as tax deeds. Both tax liens and tax deeds in Alabama's state inventory are available for purchase by any private investor. For an OTC tax lien/tax deed list from every Alabama county, go to the Alabama Department of Revenue Property Tax page.

An investor must submit an application to the State for each property for which they have an interest. An investor may submit as many as 20 applications. Instructions and application forms are on the page referenced above. The lists are updated at least once a week. Like any investment, it is important that any investor does their research and due diligence on each property. If a land parcel stays in the State's inventory for more than five years, it is a possibility that an investor can obtain the tax deed to this property for less than the amount of taxes due.

Unlike some other lien states in the United States, tax lien certificates convert into tax deeds after the three-year redemption period without the tax lien certificate holder having to start the foreclosure process on the property. Instead, this tax deed received pursuant to the Alabama process is the result of an administrative foreclosure and does not guarantee a marketable title. So, a quiet title action may be required to gain an insurable title.

To give you an idea of some counties you may want to invest in, I will give you the five most populated Alabama counties below:

• Jefferson County - 656,700
• Mobile County - 404,157
• Madison - 304,307
• Montgomery - 223, 571
• Shelby - 178,182

There is definitely a lot of opportunity when it comes to tax lien and tax deed investing in Alabama.

If you are new to tax lien and tax deed investing, or even if you have experience, you'll want to visit [http://www.uspropertytaxsales.com/]. There is a ton of free invaluable information accessible from this Web site. The Tax Lien Lady is a tax lien investing expert who will be your guide in the world of tax lien investing. You owe it to yourself to download and educate yourself with her amazing and free seven-part video tutorial.

Article Source: http://EzineArticles.com/expert/Russell_Hall/216098

Avoiding Penalties: What to Do If Taxes Can't Be Filed on Time

Everyone knows that federal income taxes are due on April 15th of every year, but what happens if there is a problem completing the return or paying on time? Many assume that the consequences will be harsh, but that is not always the case. The key is to take some simple steps prior to the deadline so that the Internal Revenue Service knows that the process has at least started. Doing nothing at all can result in serious problems, so be sure to contact the IRS if there will be a delay.

Request a Filing Extension

For those who cannot file a return by the April 15th deadline, there is a possibility to obtain an automatic four-month extension. Approximately six million citizens utilize an extension every year. To file for an extension, fill out Form 4868, an Application for Automatic Extension of Time to File a Tax Return. This will need to be turned in by the regular deadline for filing income taxes. This will provide the taxpayer with a new deadline of August 15th.

If more time is needed, a second extension can be requested by filling out Form 2688. It must be filed by August 15th in order to be considered. It will be necessary to provide a probable reason for the extension. If the extension is granted, it allows for a deadline of October 15th to file.

Keep in mind that an extended deadline does not allow for a longer time to pay taxes. If money is owed to the IRS, an estimated payment will need to be sent with an extension request. At least 90 percent of the bill will need to be paid in April. Otherwise, there is the probability of incurring penalties and interest for any amount that is not paid.

What Happens If an Extension Is Not Requested?

For anyone who does not make this request to the IRS by April 15th, they can impose a stiff penalty of up to five percent for each month not to exceed 25 percent. Interest will also be applied to the money that is owed.

What If the Money Owed Cannot Be Paid?

There may be instances in which it is difficult to make the required payment to the government. If the full payment cannot be remitted, send in as much as possible with a filed return. There is a much worse penalty for not filing at all than for not paying after filing. A penalty can be as much as 25 percent for not filing at all.

Paying taxes is an inevitable task for everyone in the country. It is important to file on time and pay what is owed. Make sure to always pay attention to due dates and file extensions if necessary. If a large bill is expected, consider putting some money into a special bank account dedicated to taxes. This will help prevent any surprises from appearing.

When considering filing taxes, Yreka, CA residents visit Hofmann Tax & Bookkeeping Service. Learn more at http://www.hofmanntax.com/.

Article Source: http://EzineArticles.com/expert/Andrew_Stratton/83489