Do i need to file tax if i dont file ITR?

[San78]

@Elton_Caldeira

So if i earn a profit of 15 lacs,
A] Upto Rs 2.5Lacs - no tax.
B] Rs 2.5Lacs to Rs 5Lacs - Rs 12.5k.( 5% of 2.5 lacs)
C] Rs 5 Lacs to Rs 10 Lacs - Rs 1 Lacs.( 20% of 5 lacs)
D] From 10 Lacs to 15 Lacs - Rs 150000. ( 30% of 5lacs)
so total of Rs. 2,62,500

Yes. Further 4% cess will be added on 262500/-.
And if your net income is less than Rs 5 Lacs - you can claim a rebate of max Rs 12500/- and effectively paying zero tax.

[Elton_Caldeira]

Suppose i Dont file tax before the due date , Can i carry forward losses later on for the previous years of loss?

[San78]

You need to file the income tax return within the specified due date in order to carry forward the business loss and capital losses (short term & long term). If not filed - you cannot carry forward.

However, you can set off the business loss or capital loss in the same year even if the return is filed after the due date.

Further, Loss from House Property (usually Interest on Housing Loan) can be carried forward even if the return is filed after the due date.