eLagaan Blog

eLagaan has introduced a completely online web based tool "taxNinja" for Preparing Income Tax Returns (ITR) for FREE in India.

Now all the tax payers can use this tool to prepare their tax returns online. The tool is very simple and easy to use and doesnot require any expert knowledge to prepare tax returns.

Income tax department has initiated online filing of tax returns under e-governance program. This helps the tax payers to file their income tax returns online, without the need to visit local income tax office.

So no more standing in queues and spending time and money on preparing and filing the tax returns. Relax at your home/ office and prepare your tax returns with eLagaan and file them at income tax website -- all this at your convenience - Anytime, Anywhere in the world.

Visit taxNinja for preparing your tax returns online and upload them at Income tax department's website to file.

Checkout http://elagaan.com/faq for an extensive list of answers to frequently raised concerns on Income Tax, PAN, efiling process etc.
1. PAN : http://elagaan.com/faq/pan
2. Income from Salary : http://elagaan.com/faq/income-salary
3. Capital gains : http://elagaan.com/faq/capital-gains
4. Tax on income : http://elagaan.com/faq/tax-income
5. Income Tax Forms : http://elagaan.com/faq/itr
6. eFiling Process : http://elagaan.com/faq/efiling

and many more covering array of topics like taxable income, income from house property, income from business and profession, TAN, tax deducted at source, digital signatures etc.

Our FAQ section also offers, for the first time in India, ability to add your comments and discuss on a particular topic. So go ahead and get answers to all your frequently intriguing questions on various aspects of income tax. Check out http://elagaan.com/faq

eLagaan Team Wishes All Our Readers A Very Happy & Prosperous Diwali 2008 !!If you’re unaware what Diwali means, its the festival of lights where candles and handmade earthen oil lamps are lit to celebrate the victory of good over evil. Diwali is also marked as a Financial Hindu New Year for lot of communities in India.

Yes we are now present on LinkedIn. So head over to LinkedIn to connect with other Tax Enthusiasts. You can join the group by visiting

Joining eLagaan LinkedIn Group is a great way of connecting of 1000's of Tax users, marketers and executives without actually adding them as a connection. It enables you to search the group for a particular skill and still know they are interested in.

According to Jason Alba it allows you to:

• Expanded search capability
• Expanded findability factory
• Ability to browse through other Group members
• Ability to inMail other Group members

Read more about how to benefit from LinkedIn Group here.

There is also a good amount of FAQ at the LinkedIn site about being part of the Group.

By eLagaan Team : The Central Board of Direct Taxes have extended the last date of filing of income tax returns and obtaining tax audit report under section 44AB of the Income Tax Act, 1961, due by 30th September 2008, to 31st October 2008 in the state of Orissa in view of the disruption caused due to floods in the state.

Renu Jauhri Director (ITA-II) said "On consideration of the reports of disruption caused due to floods inthe State of Orissa, the Central Board of Direct Taxes, in exercise of powersconferred under section 119 of the Income Tax Act, 1961, hereby extends thedue date for obtaining tax audit report under section 44AB of the Income TaxAct, 1961 as well as for filing of returns of income required to be furnished by30th September, 2008 to 31st October 2008, in the cases of income-taxassessees in the State of Orissa."

This should provide some relief to the tax filers in Orissa.

Yes, you can file tax income tax returns after the due date upto end of assessment year (e.g. for FY 2007-2008, last date is upto 31-March-2009. Read on to find how you can file income tax returns after the due date and what could be impact of late filing.

DUE DATES for filing income tax returns:

Assessee Type

Due Date

A company

30-Sep-YYYY

(e.g. for FY 2007- 2008, due date is 30-Sep- 2008)

A person other than a company whose accounts are required to be audited under the IT Act or any other law

A working partner of a firm whose accounts are required to be audited under the IT Act or any other law

A person other than a company, as referred above

31-Oct-YYYY

Any other taxpayer

31-Jul-YYYY

Note: If the last day for filing returns is a day on which the income tax office is closed, you can file the return on the next day afterwards on which the income tax office is open and, in such cases, the return will be considered to have been filed within the specified time limit/ due date.

HOW TO FILE AFTER DUE DATE?

Filing income tax returns after the due date is no different than filing it before the due date. The process and guidelines remains exactly the same. You can prepare and file your tax returns online or off-line (using paper returns).

Click for a step by step guide to prepare income tax returns online

Click to know the process for online filing of income tax returns

IMPACT OF LATE FILING

1. Interest: You will be liable for penal Interest u/s 234A @ 1% per month on the amount of tax due from the due date of filing returns.

2. Carry Forward of Losses: Losses like Business Loss (speculative or otherwise), Capital Loss (short term or long term), and Loss from owning and maintaining race horses are not allowed to be carried forward. Other losses, if any can be carried forward.

3. Deductions: Deductions u/s 10A, 10B, 80-IA, 80-IAB, 80-IB and 80-IC are not allowed

4. Revision: Late returns cannot be revised except if it is in pursuance of a notice under section 142(1)

5. Penalty: A penalty of Rs.5000 may be imposed u/s 271F if belated return is submitted after the end of assessment year (after 31-March-YYYY, e.g. for FY 2007-2008, end of assessment year is 31-March-2009).