Filing returns: what you can't do if you miss July 31 deadline | business | Hindustan Times
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Filing returns: what you can't do if you miss July 31 deadline

business Updated: Jul 15, 2011 23:33 IST
Bindisha Sarang

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 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.

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.

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 date
You may have to pay a Rs 5,000 penalty and the return can be filed by March 31, 2013. So get there while there's still time.