The last date for filing of income tax returns by individuals has been extended by a month- to 31/08/2012 from the earlier 31/07/2012. Though filing Income tax returns has now become simple and hassle free, we usually have a tendency of postponing return filing to the last minute, as a result of which it is not uncommon for people to miss this deadline.
What happens if we are unable to file our returns on time? Let us understand the implications.
It is time again for the annual filing of income taxes for the previous financial year 2011-2012 (Assessment year 2012-2013) with 31stJuly 2012 being the last date to do so. But gone the days when filing returns meant lot of paper work, looking for tax filing agents and waiting in queues outside the income tax office; thanks to the e-filing facility by the Income Tax Dept.
Here is a step by step guide for a new user