File Income Tax Return Before March 31

The due date for salaried individuals to file their return was 31st July 2012. Even if you have not filed return of income by due date, you can still file return up to 31st March of the next financial year. In such a case no penalty will be imposed for not filing the return by due date. E.g. if your due date for filing is 31st July 2012, and you could not file return by the due date, then you can file the return up to 31st March 2013.
All losses are allowed to be carried forward to next year only if the return is filed within due date, except when there is loss under the head house property. Interest at the rate of 1% per month is charged on the amount of tax due from the due date of filing return. If you file your return after assessment year, then penalty of Rs. 5,000 can be imposed.
You can e-file your return using Salary eFile Standard. Or, you may take the assistance of our experts to prepare and e-file your reutrn using Salary eFile Premium.