- If you have only income from salary, and your company has already deducted your tax at source, you can file your taxes anytime till March 31, 2011 without any penalty. If you file after this date, you need to pay a penalty of Rs.5000.
- In case you have to pay taxes on your income from other sources, pay interest @1.25% per month from July 31 till the date of filing returns. This interest will be on your total taxes due for the year reduced by TDS and Advance Taxes already paid by you.
- You cannot “carry forward” your capital losses (in case you have such losses from your investments)
- In case you have any refund due from the department, the interest for such refunds may be reduced
Remember, the “Return filed under section” in your ITR form will be Code 12 (filing voluntarily after the due date) instead of the normal Code 11
That’s all – go ahead, file your taxes and relax.