| Here are four important facts about filing your Income | | | | 2010, remember to pay up any tax due before July |
| Tax returns in India. The Income Tax returns filing is | | | | 31st. |
| mandatory, there is penalty for not filing, due date for | | | | If you delay beyond March 31st 2010, irrespective of |
| filing and disadvantages of filing beyounnd due date. | | | | whether you have nil tax to pay or pending taxes, you |
| (1) Income tax Filing is mandatory | | | | will be charged a penalty of Rs.5000 along with any |
| Income tax return filing is mandatory for all tax payers | | | | penalty payable if any for pending taxes. |
| even if you are a salaried employee, where tax is | | | | (4) Disadvantage of filing tax return beyond due date |
| deducted at source. This is because as there could be | | | | July 31st |
| instances where you have earned an income other | | | | The individual doing so will not be eligible to file a |
| than your salary income, for example, even in the form | | | | revised return if he discovers any omission or wrong |
| of interest earned in FDs that are taxable! | | | | statement. |
| (2) There is penalty for not filing returns | | | | Time limit for filing revised return is one year from the |
| Failing to file returns you will be levied a penalty in the | | | | end of the assessment year or before completion of |
| form of a penal interest of 1% on the existing tax | | | | assessment. |
| liability. | | | | Remember that having tax deducted at source if you |
| If you delay beyond March 31st 2010, irrespective of | | | | are employed is only half of the process and you |
| whether you have nil tax to pay or pending taxes, you | | | | need to file your returns to complete the process. This |
| will be charged a penalty of Rs.5000 along with any | | | | will avoid any hassles with the income tax officials. |
| penalty payable if any for pending taxes. | | | | Prepare to file your returns as early as possible |
| (3) Date till when you are allowed to file returns or Pay | | | | instead of waiting for the due date to arrive. You can |
| tax | | | | use the online filing service from TaxSmile for filing |
| Legally you are allowed to file your returns before the | | | | your returns in a short time. |
| next assessment year which starts on March 31st | | | | |