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Filing of Income Tax Return before 31.07.2008

suresh (M-F&A) (69 Points)

29 July 2008

Individual to file Income Tax return before 31st Jul,2008, but we can file after that also but before 31.03.2009 subject to payment of 1% interest on tax laibilities if any, this is my understanding, but as i read in news paper that late filing of return will attract penalty Rs.5000/- and/or jail term also u/s 271F, is it true ? What will be consequences if return filed after 31.07.2008. Please give valued comments !!

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Mahesh.k. (Data Analyst ) (195 Points)
Replied 29 July 2008

Originally posted by :suresh
"	Individual to file Income Tax return before 31st Jul,2008, but we can file after that also but before 31.03.2009 subject to payment of 1% interest on tax laibilities if any, this is my understanding, but as i read in news paper that late filing of return will attract penalty Rs.5000/- and/or jail term also u/s 271F, is it true ? What will be consequences if return filed after 31.07.2008. Please give valued comments !!	"

It is for intentional default of tax payment , Those who have not filed with in 31st of this month will attracted by sec -271F , Your view is only in case of refilling of returns not for First Filling.....