Friends,
The last date for filing of Income Tax return for the Financial Year 2010-11 (Assessment Year 2011-12) is 31st July 2011. One should file its return before this date. The mode to file Income Tax return could be e-Filing or Manual Paper Return. While the income-tax (I-T) department allows you to file your returns even after the July 31 deadline expires -you can file till March 31, 2012 -it doesn't allow certain other things you can normally do if you are within the deadline.
The last date for filing of Income Tax return for the Financial Year 2010-11 (Assessment Year 2011-12) is 31st July 2011. One should file its return before this date. The mode to file Income Tax return could be e-Filing or Manual Paper Return. While the income-tax (I-T) department allows you to file your returns even after the July 31 deadline expires -you can file till March 31, 2012 -it doesn't allow certain other things you can normally do if you are within the deadline.
CAN'T REVISE RETURNS :If you miss the deadline, you will not be able to revise your returns. But if you file your returns by this deadline and later realize that you need to revise your returns, you get time till two years from the end of financial year or assessment year, whichever is earlier.CAN'T CARRY FORWARD LOSSES I-T rules permit you to carry forward losses to the next assessment year. But you can't do so if you miss the deadline.
File your Income Tax Return Online for Free - And benefits of e-Filing.
PAY INTEREST : If you had tax dues in the current assessment year and you failed to file your returns on time, you have to pay interest.
IF YOU MISS MARCH 31,2012 DATE: You may have to pay a Rs. 5,000 penalty and the return can be filed by March 31, 2013.
