Section I: Income Tax and You

• Ques: Due date of filing income tax return
• Ans: Key points:
  • Due date for salaried individuals to file their return is 31st July 2010.
  • The income tax department may any time extend the due date for filing by issuing a public notification. In that case such an extended date shall be considered as Due date of filing income tax return.
  • Even if the person can not file return of income by due date, he can still file return up to 31st March of the next financial year. In such a case no penalty will be imposed for not filing the return by due date. E.g. if a person whose due date for filing is 31st July 2010, and could not file return by the due date, then he can file the return up to 31st March 2011.
  • All losses are allowed to be carried forward to next year only if the return is filed within due date, except when there is loss under the head house property.
  • Interest at the rate of 1% per month is charged on the amount of tax due from the due date of filing return.
  • If you file your return after assessment year, then penalty of Rs. 5,000 can be imposed.