31st July, 2011 is Last without any Interest/Penalty for non-audit case to File Income Tax Return.

Friends, The Income Tax Department allows to file your Income Tax Returns even on or before 31st July, 2011 without any Interest or Penalties. July 31, 2011 is not deadline to file Income Tax Return. But, you can fill your income Tax till 31st March, 2012 with Interest or other penalties called by Income Tax Department.

1. 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 realise 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.
2. 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.
3. 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.
4. IF YOU MISS MARCH 31,2012 DATE: You may have to pay a R5,000 penalty and the return can be filed by March 31, 2013.
   

Posted in: Annual Income Tax Return,e-Filing Returns,e-Return