What if I file return after July 31?

Dear Honest Tax Payer,

If you have no tax liability on salaried income you no need to file the return. But for our benefit you have to file the tax return and the reason is what ever the income you are reporting in the return it will become official income and also it will help you for your future purpose.

Either your income is <= exempted income or <= after deducting deductions and TDS why you have to loose the officel inocme just report it and these will help you in future.

Ok,  now it's your choice to file the return.

Anybody who has income for which no tax is payable or tax has already been paid can file return even after 31st july provided the return should be file incase tax has already been paid by means of advance tax or tds then he /she can file return within one year of financial year inwhich return is to be filed ie for ay 2009-10 one can file return upto 31st mar 10.

  so mr.honest paypayer got ur answer

now b honest in paying taxes......

yeh... all  d abve reply are correct.... bt along with that u cannot file revised return if u file ur return after 31st july...

sorry to say but in the answer of mr kailash sharma the sec is 234A not the 234C the section 234C is for default payment of advance tax

In this case, Interest is payable u/s 234A, not u/s 234C.

if u file the return after 31.03.2010, firstly u cannot revised the return...secondly u will have to pay the interest u/s234B & 234C...thirdly if any tax is due u will have to pay penalty of Rs.5000

 plus one will not get d benefit of set off of losses if one does not file return timely.... 

Waaah! Just like Delhi in rains yesterday, ive been inundated with replies. Needless to say, my query has been answered, infact I can claim to be an expert in this too :)

Thanks everyone very very much! I really appreciate your sharing of information. :)

DEAR,
 

ALWAYS I WILL PREFER RETURN IN DUE DATE WHETHER TAX LIABILITY ARISE OR NOT.

FIRST IF U FILE UR RETURN IN DUE DATE U MAY REVISED UR RETURN IN FUTURE.

SECOND U FINISHED UR WORK IN TIME AND END UR TENTION.

THIRD IF U HAVE TAX LIABILITY THEN UNNESSARY U WILL PAY INTEREST TO THE GOVT.

Dear Friends,

Apart from interest, remember that a belated return can't be revised and the answer to the question as to why this date is so dreaded lies in the fact that carry forward of losses is not allowed for belated returns.

regards

Can anybody explain the what do you mean by

1.  "carry forward of losses is not allowed for belated returns".

2. "you cannot revice your return in future"

Can you give example ?

Suppose if u have any losses for eg. loss on sale of Capital asset and u want to set off then u cannot set off that losses...

we set off the losses so that our tax on income decreases due to which we will able to pay less tax due to loss on capital asset

only wen u file return b4 july 31

u can correct d return if any mistake had arisen in it b4.

dat means u r eligible to file revised return only wen u hv filed original return b4 july 31 

no problem if u have taxliability u need to pay Simple Interest @ 1% per month or part thereof. U can file ur return upto 31.03.2010