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.

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